South Dakota § 47-10-13 Accumulation of surplus--Use of surplus.

South Dakota Statutes

§ 47-10-13 — Accumulation of surplus--Use of surplus.

South Dakota § 47-10-13

Title 47CORPORATIONS

Ch. 47-10BUSINESS DEVELOPMENT CREDIT CORPORATIONS

This text of South Dakota § 47-10-13 (Accumulation of surplus--Use of surplus.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 47-10-13 (2026).

Text

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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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.