S.D. Codified Laws § 47-1A-1202
This is the official text of S.D. Codified Laws § 47-1A-1202, 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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Shareholder approval of certain dispositions
Official statutory text
A sale, lease, exchange, or other disposition of assets, other than a disposition described in § 47-1A-1201 , requires approval of the corporation's shareholders if the disposition would leave the corporation without a significant continuing business activity. If a corporation retains a business activity that represented at least twenty-five percent of total assets at the end of the most recently completed fiscal year, and twenty-five percent of either income from continuing operations before taxes or revenues from continuing operations for that fiscal year, in each case of the corporation and its subsidiaries on a consolidated basis, the corporation will conclusively be deemed to have retained a significant continuing business activity.
Source: SL 2005, ch 239, § 273.
Source: SL 2005, ch 239, § 273.
Status: in_force · Read it on the official government site
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