South Dakota Statutes
§ 47-10-9 — Lending--Duty to give first opportunity to lending institution.
The corporation shall lend money only when credit is not elsewhere readily available. Before granting any loan, the board of directors or a committee thereof shall endeavor, so far as is reasonably possible, to ascertain that the first opportunity to grant such loan has been given to lending institutions which may desire such loans generally in the course of their business.
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South Dakota § 47-10-9 (Lending--Duty to give first opportunity to lending institution.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1957, ch 314, § 7; SDC Supp 1960, § 55.6007.
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Repealed§ 47-1-3
Repealed§ 47-10-1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.