South Dakota § 47-16-21 Capital stock--Classes of stock.

South Dakota Statutes

§ 47-16-21 — Capital stock--Classes of stock.

South Dakota § 47-16-21

Title 47CORPORATIONS

Ch. 47-14BCOOPERATIVES--MEMBERSHIP, STOCK AND DISTRIBUTIONS

This text of South Dakota § 47-16-21 (Capital stock--Classes of stock.) 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 § 47-16-21 (2026).

Text

A cooperative organized with capital stock may issue the amount of stock stated in its articles. Such stock may be divided into two or more classes with such designations, preferences, limitations, and relative rights as shall be stated in the articles, except that:

(1)Stock as such has no voting power;

(2)Stock without par value shall not be authorized or issued;

(3)The rate of dividends upon stock shall not exceed eight percent of its par value for any year, and dividends may not be cumulative.

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A cooperative organized with capital stock may issue the amount of stock stated in its articles. Such stock may be divided into two or more classes with such designations, preferences, limitations, and relative rights as shall be stated in the articles, except that: (1) Stock as such has no voting power; (2) Stock without par value shall not be authorized or issued; (3) The rate of dividends upon stock shall not exceed eight percent of its par value for any year, and dividends may not be cumulative.