South Dakota Statutes
§ 47-30-5 — Fraudulent corporate insolvency--Participating directors--Misdemeanor.
Every insolvency of a corporation is deemed fraudulent unless its affairs appear, upon investigation, to have been administered fairly and legally, and generally with the same care and diligence that agents receiving a compensation for their services are bound by law to observe. In every case of a fraudulent insolvency of a corporation, every director thereof who participated in such fraud, if no other punishment is prescribed therefor, is guilty of a Class 2 misdemeanor.
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South Dakota § 47-30-5 (Fraudulent corporate insolvency--Participating directors--Misdemeanor.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SDC 1939, § 13.4314; SL 1983, ch 15, § 50.
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Repealed§ 47-1-3
Repealed§ 47-10-1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.