S.D. Codified Laws § 47-1A-1201
This is the official text of S.D. Codified Laws § 47-1A-1201, part of South Dakota’s Codified Laws — part of the compiled statutory law of South Dakota, published by the state as "Codified Laws." Browse the sections below, each linked to its official government source.
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Disposition of assets not requiring shareholder approval
Official statutory text
No approval of the shareholders of a corporation is required, unless the articles of incorporation otherwise provide:
(1) To sell, lease, exchange, or otherwise dispose of any or all of the corporation's assets in the usual and regular course of business;
(2) To mortgage, pledge, dedicate to the repayment of indebtedness (whether with or without recourse), or otherwise encumber any or all of the corporation's assets, whether or not in the usual and regular course of business;
(3) To transfer any or all of the corporation's assets to one or more corporations or other entities all of the shares or interests of which are owned by the corporation; or
(4) To distribute assets pro rata to the holders of one or more classes or series of the corporation's shares.
Source: SL 2005, ch 239, § 272.
(1) To sell, lease, exchange, or otherwise dispose of any or all of the corporation's assets in the usual and regular course of business;
(2) To mortgage, pledge, dedicate to the repayment of indebtedness (whether with or without recourse), or otherwise encumber any or all of the corporation's assets, whether or not in the usual and regular course of business;
(3) To transfer any or all of the corporation's assets to one or more corporations or other entities all of the shares or interests of which are owned by the corporation; or
(4) To distribute assets pro rata to the holders of one or more classes or series of the corporation's shares.
Source: SL 2005, ch 239, § 272.
Status: in_force · Read it on the official government site
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