South Dakota Codified Laws 51A-17-24. Persons exempt from change of control requirements–Notice
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The following persons are exempt from the requirements of § 51A-17-23, but the licensee shall notify the director of any such change of control:
(1) A person that acts as a proxy for the sole purpose of voting at a designated meeting of the security holders or holders of voting interests of a licensee or person in control of a licensee;
Terms Used In South Dakota Codified Laws 51A-17-24
- Devise: To gift property by will.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Trustee: A person or institution holding and administering property in trust.
(2) A person that acquires control of a licensee by devise or descent;
(3) A person that acquires control as a personal representative, custodian, guardian, conservator, or trustee, or as an officer appointed by a court of competent jurisdiction or by operation of law; and
(4) A person that the director by rule or order exempts in the public interest.
Source: SL 2008, ch 253, § 24.