South Dakota Statutes
§ 47-24-5 — Loans to directors or officers--Liability for assenting to loan.
South Dakota § 47-24-5
JurisdictionSouth Dakota
Title 47CORPORATIONS
Ch. 47-22NONPROFIT CORPORATIONS--RECORDS, FISCAL AFFAIRS AND REPORTS
This text of South Dakota § 47-24-5 (Loans to directors or officers--Liability for assenting to loan.) 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 § 47-24-5 (2026).
Text
No loans shall be made by a corporation to its directors or officers. Any director or officer who assents to or participates in the making of any such loan shall be liable to the corporation for the amount of such loan until the repayment thereof.
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Legislative History
SL 1965, ch 24, § 29.
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Repealed§ 47-1-3
Repealed§ 47-10-1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
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Bluebook (online)
South Dakota § 47-24-5, Counsel Stack Legal Research, https://law.counselstack.com/statute/sd/47-24-5.