S.D. Codified Laws § 47-1A-1402
This is the official text of S.D. Codified Laws § 47-1A-1402, 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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Proposal to dissolve by board of directors--Requirements for adoption
Official statutory text
A corporation's board of directors may propose dissolution for submission to the shareholders. For a proposal to dissolve to be adopted:
(1) The board of directors must recommend dissolution to the shareholders unless the board of directors determines that because of conflict of interest or other special circumstances it should make no recommendation and communicates the basis for its determination to the shareholders; and
(2) The shareholders entitled to vote must approve the proposal to dissolve as provided in § 47-1A-1402.3 .
Source: SL 2005, ch 239, § 309.
(1) The board of directors must recommend dissolution to the shareholders unless the board of directors determines that because of conflict of interest or other special circumstances it should make no recommendation and communicates the basis for its determination to the shareholders; and
(2) The shareholders entitled to vote must approve the proposal to dissolve as provided in § 47-1A-1402.3 .
Source: SL 2005, ch 239, § 309.
Status: in_force · Read it on the official government site
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