South Dakota § 47-1A-1201 Disposition of assets not requiring shareholder approval.

South Dakota Statutes

§ 47-1A-1201 — Disposition of assets not requiring shareholder approval.

South Dakota·Title 47 CORPORATIONS·Ch. 47-1 SOUTH DAKOTA BUSINESS CORPORATION ACT

No approval of the shareholders of a corporation is required, unless the articles of incorporation otherwise provide:

(1)To sell, lease, exchange, or otherwise dispose of any or all of the corporation's assets in the usual and regular course of business;

(2)To mortgage, pledge, dedicate to the repayment of indebtedness (whether with or without recourse), or otherwise encumber any or all of the corporation's assets, whether or not in the usual and regular course of business;

(3)To transfer any or all of the corporation's assets to one or more corporations or other entities all of the shares or interests of which are owned by the corporation; or (4) To distribute assets pro rata to the holders of one or more classes or series of the corporation's shares.

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No approval of the shareholders of a corporation is required, unless the articles of incorporation otherwise provide: (1) To sell, lease, exchange, or otherwise dispose of any or all of the corporation's assets in the usual and regular course of business; (2) To mortgage, pledge, dedicate to the repayment of indebtedness (whether with or without recourse), or otherwise encumber any or all of the corporation's assets, whether or not in the usual and regular course of business; (3) To transfer any or all of the corporation's assets to one or more corporations or other entities all of the shares or interests of which are owned by the corporation; or (4) To distribute assets pro rata to the holders of one or more classes or series of the corporation's shares.

South Dakota § 47-1A-1201 (Disposition of assets not requiring shareholder approval.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.