South Dakota § 47-1A-1402 Proposal to dissolve by board of directors--Requirements for adoption.

South Dakota Statutes

§ 47-1A-1402 — Proposal to dissolve by board of directors--Requirements for adoption.

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

A corporation's board of directors may propose dissolution for submission to the shareholders. For a proposal to dissolve to be adopted:

(1)The board of directors must recommend dissolution to the shareholders unless the board of directors determines that because of conflict of interest or other special circumstances it should make no recommendation and communicates the basis for its determination to the shareholders; and (2) The shareholders entitled to vote must approve the proposal to dissolve as provided in § 47-1A-1402.3 .

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A corporation's board of directors may propose dissolution for submission to the shareholders. For a proposal to dissolve to be adopted: (1) The board of directors must recommend dissolution to the shareholders unless the board of directors determines that because of conflict of interest or other special circumstances it should make no recommendation and communicates the basis for its determination to the shareholders; and (2) The shareholders entitled to vote must approve the proposal to dissolve as provided in § 47-1A-1402.3 .

South Dakota § 47-1A-1402 (Proposal to dissolve by board of directors--Requirements for adoption.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.