South Dakota Statutes
§ 47-24-4 — Compensation of members, directors, or officers--Distributions upon final liquidation.
South Dakota·Title 47 CORPORATIONS·Ch. 47-22 NONPROFIT CORPORATIONS--RECORDS, FISCAL AFFAIRS AND REPORTS
A corporation may pay compensation in a reasonable amount to its members, directors, or officers for services rendered, may confer benefits upon its members in conformity with its purposes, and may make distributions upon dissolution or final liquidation as permitted by chapter 47-26 , and no such payment, benefit, or distribution shall be deemed to be a dividend or a distribution of income or profit.
Free access — add to your briefcase to read the full text and ask questions with AI
South Dakota § 47-24-4 (Compensation of members, directors, or officers--Distributions upon final liquidation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1965, ch 24, § 28.
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Repealed§ 47-1-3
Repealed§ 47-10-1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
Powers of corporations.