South Dakota Codified Laws 58-5-113. Illegal dividends–Revocation or suspension of certificate of authority
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The director may revoke or suspend the certificate of authority of an insurer which has declared or paid a dividend contrary to the general corporation laws of this state.
Terms Used In South Dakota Codified Laws 58-5-113
- 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.
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
Source: SL 1966, ch 111, ch 16, § 33.