Fraudulent subscription agreement--Misdemeanor

Any person: (1) Who signs the name of a fictitious person to a subscription for, or agreement to take stock in a corporation, existing or proposed; or (2) Who procures another to sign such subscription or agreement: (a) Knowing that the other person does not have the means or does not intend in good faith to comply with all the terms thereof; or (b) Under an understanding or agreement that the terms of the subscription or agreement will not be complied with or enforced; is guilty of a Class 2 misdemeanor. Source: SDC 1939, § 13.4307; SL 1983, ch 15 , § 47.