South Dakota Statutes
§ 47-10-22 — Nonstockholder members--Payment before dissolution of corporation.
Upon dissolution of a corporation organized under this chapter, obligations due the nonstockholder members are to be paid in full before any payments are made to the stockholder members.
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South Dakota § 47-10-22 (Nonstockholder members--Payment before dissolution of corporation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1957, ch 314, § 5; SDC Supp 1960, § 55.6005 (2) (f).
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Repealed§ 47-1-3
Repealed§ 47-10-1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.