South Dakota Statutes
§ 47-15-40 — Promotion expenses--Commissions on stock sales--Limitations.
South Dakota § 47-15-40
This text of South Dakota § 47-15-40 (Promotion expenses--Commissions on stock sales--Limitations.) 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 § 47-15-40 (2026).
Text
No cooperative funds may be used, nor any stock issued, in payment of any promotion expenses in excess of ten percent of the paid - up capital stock or membership fees. No commission or expenses shall be paid on the sale of stock in excess of ten percent of the par value thereof.
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Legislative History
SDC 1939, § 11.1112 as enacted by SL 1965, ch 23, § 1.
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Repealed§ 47-1-3
Repealed§ 47-10-1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 § 47-15-40, Counsel Stack Legal Research, https://law.counselstack.com/statute/sd/47-15-40.