South Dakota Statutes
§ 47-10-13 — Accumulation of surplus--Use of surplus.
Any business development credit corporation shall set apart as a surplus not less than ten percent of its net earnings each year until such surplus, with any unimpaired surplus paid in, shall amount to one - half of the capital stock. The surplus shall be kept to secure against losses and contingencies, and whenever it becomes impaired it shall be reimbursed in the manner provided for its accumulation.
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South Dakota § 47-10-13 (Accumulation of surplus--Use of surplus.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1957, ch 314, § 6; SDC Supp 1960, § 55.6006.
Nearby Sections
15
§ 47-1-1
Repealed§ 47-1-3
Repealed§ 47-10-1
Purposes of corporations.§ 47-10-10
Incorporators.§ 47-10-11
Directors--Number and term of office.§ 47-10-13
Accumulation of surplus--Use of surplus.§ 47-10-14
Persons authorized to hold common stock.§ 47-10-18
Nonstockholder members--Duty to lend.§ 47-10-2
Powers of corporations.