South Dakota § 58-5-54 Place for holding meetings of stockholders or members--Waiver.

South Dakota Statutes

§ 58-5-54 — Place for holding meetings of stockholders or members--Waiver.

South Dakota § 58-5-54

Title 58INSURANCE

Ch. 58-4AORGANIZATION AND GENERAL POWERS OF INSURERS

This text of South Dakota § 58-5-54 (Place for holding meetings of stockholders or members--Waiver.) 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 § 58-5-54 (2026).

Text

Meetings of stockholders or members of a domestic insurer shall be held in the municipality of its home office or principal office or place of business in this state. However, the director may waive the provisions of this section if a wholly owned subsidiary or a company is located in a small municipality without sufficient facilities to accommodate such a meeting and such subsidiary or company can demonstrate, to the director's satisfaction, a need for such waiver. The director may also waive the provisions of this section if one percent or less of the outstanding shares of stock entitled to vote are owned by South Dakota residents.

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Meetings of stockholders or members of a domestic insurer shall be held in the municipality of its home office or principal office or place of business in this state. However, the director may waive the provisions of this section if a wholly owned subsidiary or a company is located in a small municipality without sufficient facilities to accommodate such a meeting and such subsidiary or company can demonstrate, to the director's satisfaction, a need for such waiver. The director may also waive the provisions of this section if one percent or less of the outstanding shares of stock entitled to vote are owned by South Dakota residents.