South Dakota § 47-16-24 Consideration for stock.

South Dakota Statutes

§ 47-16-24 — Consideration for stock.

South Dakota § 47-16-24

Title 47CORPORATIONS

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

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Bluebook

S.D. Codified Laws § 47-16-24 (2026).

Text

The consideration paid for stock recalled by the cooperative shall be its par value and accrued unpaid dividends, provided that if the book value of such stock is less than the par value, the consideration shall be such book value. The cooperative may set off obligations of the stockholder to it. If the remaining assets would be less than the aggregate amount payable to creditors and persons holding stock with preferential rights upon liquidation, no stock shall be acquired, recalled, exchanged, or redeemed for a consideration other than stock or certificates of equity interest of equal or subordinate rank.

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The consideration paid for stock recalled by the cooperative shall be its par value and accrued unpaid dividends, provided that if the book value of such stock is less than the par value, the consideration shall be such book value. The cooperative may set off obligations of the stockholder to it. If the remaining assets would be less than the aggregate amount payable to creditors and persons holding stock with preferential rights upon liquidation, no stock shall be acquired, recalled, exchanged, or redeemed for a consideration other than stock or certificates of equity interest of equal or subordinate rank.