South Dakota Statutes
§ 47-10-16 — Classes of members--Stockholder members--Nonstockholder members.
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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South Dakota § 47-10-16 (Classes of members--Stockholder members--Nonstockholder members.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
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Repealed§ 47-1-3
Repealed§ 47-10-1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
Powers of corporations.