South Dakota Codified Laws 58-5-138.1. Compensation of officer, insurance producer, or employee of converting mutual insurer prohibited
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No director, officer, insurance producer, or employee of any mutual insurer party to a reorganization or conversion to a corporation with capital stock may receive any fee, commission, compensation, or other valuable consideration for that participation except as set forth in the reorganization or conversion plan.
Terms Used In South Dakota Codified Laws 58-5-138.1
- 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.
Source: SL 1984, ch 325, § 2; SL 2001, ch 286, § 74.