South Dakota Statutes
§ 47-10-16 — Classes of members--Stockholder members--Nonstockholder members.
South Dakota § 47-10-16
This text of South Dakota § 47-10-16 (Classes of members--Stockholder members--Nonstockholder members.) 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 § 47-10-16 (2026).
Text
There shall be two classes of members in the corporation with voting rights specified in the articles of incorporation.
(1)Stockholder members include individuals, corporations, and organizations who qualify by the purchase of common stock.
(2)Nonstockholder members include banks, savings and loan associations, trust companies, and insurance companies who qualify by making application to lend funds to the corporation upon call.
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Legislative History
SL 1957, ch 314, § 5; SDC Supp 1960, § 55.6005.
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Repealed§ 47-1-3
Repealed§ 47-10-1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
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Bluebook (online)
South Dakota § 47-10-16, Counsel Stack Legal Research, https://law.counselstack.com/statute/sd/47-10-16.