South Dakota § 40-25-3 Stock and membership provisions in articles of association.

South Dakota Statutes

§ 40-25-3 — Stock and membership provisions in articles of association.

South Dakota § 40-25-3

Title 40ANIMALS AND LIVESTOCK

Ch. 40-25LIVESTOCK REGISTRY ASSOCIATIONS

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Bluebook

S.D. Codified Laws § 40-25-3 (2026).

Text

The articles of a purebred livestock registry association shall also set forth whether or not interests in the corporation shall be evidenced by shares of stock or by certificates of membership or by both. The articles may provide for the issuance of stock in shares of no par value and in such case shall state the number of shares of such stock issued by the association. The articles may also provide that in lieu of stock, certificates of membership of a value to be fixed by the bylaws may be issued.

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The articles of a purebred livestock registry association shall also set forth whether or not interests in the corporation shall be evidenced by shares of stock or by certificates of membership or by both. The articles may provide for the issuance of stock in shares of no par value and in such case shall state the number of shares of such stock issued by the association. The articles may also provide that in lieu of stock, certificates of membership of a value to be fixed by the bylaws may be issued.