S.D. Codified Laws § 47-1A-640.4
This is the official text of S.D. Codified Laws § 47-1A-640.4, 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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Indebtedness of corporation for purposes of determinations under §47-1A-640.1
Official statutory text
Indebtedness of a corporation, including indebtedness issued as a distribution, is not considered a liability for purposes of determinations under § 47-1A-640.1 if its terms provide that payment of principal and interest are made only if and to the extent that payment of a distribution to shareholders could then be made under this section. If the indebtedness is issued as a distribution, each payment of principal or interest is treated as a distribution, the effect of which is measured on the date the payment is actually made.
Source: SL 2005, ch 239, § 84.
Source: SL 2005, ch 239, § 84.
Status: in_force · Read it on the official government site
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