South Dakota Codified Laws 58-5-55. Meetings of stockholders or members–Organization for transaction of business, quorum required
A stockholders’ or members’ meeting duly held can be organized for the transaction of business whenever a quorum is present. Unless otherwise provided in the bylaws or articles of incorporation:
(1) The presence, in person or by proxy, of the holders of not less than ten percent of the voting power of all stockholders or of all members shall constitute a quorum;
Terms Used In South Dakota Codified Laws 58-5-55
- Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Quorum: The number of legislators that must be present to do business.
(2) The stockholders or members present at a duly organized meeting can continue to do business until adjournment, notwithstanding the withdrawal of enough stockholders or members to leave less than a quorum;
(3) If any necessary officer fails to attend such meeting, any stockholder or member present may be elected to act temporarily in lieu of any such absent officer;
(4) In the absence of a quorum, those present may adjourn the meeting to such time as they may determine; and
(5) An annual or special meeting of stockholders or members may be adjourned to another date without a new notice being given.
Source: SL 1966, ch 111, ch 16, § 18 (6).