South Dakota Codified Laws 58-39-7. Issuance of license–Matters considered by director
The director shall issue license upon being satisfied on the following points:
(1) That the applicant is established as a bona fide nonprofit dental service corporation;
Terms Used In South Dakota Codified Laws 58-39-7
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(2) That the contracts between the applicant and the participating dentists obligate each dentist to render service to which each subscriber may be entitled under the terms and conditions of the contract issued to the subscriber;
(3) That the rates to be charged and the benefits to be provided are fair and reasonable;
(4) That the amounts provided as working capital of the corporation are repayable only out of earned income paid and payable for operating expenses, dentist expenses, and such reserve as the director may deem adequate; and
(5) That the amount of money actually available for working capital be sufficient to carry all operating expenses for a reasonable period of time from the date of the issuance of the certificate.
Source: SL 1966, ch 111, ch 30, § 6.