Title 47 — CORPORATIONS

Every cemetery corporation has power to purchase or take by gift, grant, or devise, or to hold real property not exceeding one hundred sixty acres for the sole use and purpose of a burial ground and to lay out the same into lots, with convenient avenues and walks, and to sell the…

Any cemetery corporation shall also have power to acquire any real property other than real property specified in § 47-29-11 , if such acquirement is by gift, by devise under a will, or by purchase at foreclosure sale of any such real property on which such corporation holds a li…

A cemetery corporation shall cause its land, or such portion thereof as may from time to time become necessary for that purpose, to be surveyed into lots, avenues, and walks, and platted, and the plat of ground as surveyed shall be acknowledged and recorded in the office of the r…

Any cemetery association or cemetery corporation which owns a tract of land which is included within the boundaries of real estate acquired for cemetery purposes, and which lies adjacent to the outer boundaries thereof, and which tract has not been surveyed as required by § 47-29…

If any cemetery association or cemetery corporation owns a tract of land surveyed and platted as required by § 47-29-13 which is included within the boundaries of real estate acquired for cemetery purposes, and which tract lies adjacent to the outer boundaries of such real estate…

Before making any sale or conveyance of the whole or any part of a tract described in § 47-29-15 , the cemetery corporation or association shall file with the circuit court for the county in which such corporation or association maintains a cemetery a petition for confirmation of…

At the hearing required by § 47-29-16 , and after receipt of evidence offered in support of such petition and evidence, if any, offered in opposition thereto, the circuit court shall grant such petition if satisfied that the evidence sustains the same, and if not, such petition s…

Judgment granting a petition filed under § 47-29-16 shall have the effect of vacating any plat or survey theretofore made of such tract, whether or not such plat or survey has been recorded, and the cemetery corporation or association shall thereupon be authorized to cause to be …

Whenever the officers of a cemetery association incorporated under and controlled by the laws of this state find it necessary to extend the boundaries of such cemetery in order to provide for the burial of the dead, they shall first locate and describe clearly the location and ex…

Cemetery corporations may make such provisions in their bylaws for general management and operation of the corporation, elections of directors and officers, removals and filling of vacancies, and corporate meetings as may be permitted by and conformable to the statutes under whic…

A cemetery corporation shall have power to inclose, improve, and embellish its grounds, avenues and walks, and to erect buildings or vaults for its use and to prescribe in its bylaws rules for the sale, inclosure, or ornamentation of lots and for erecting monuments or gravestones…

A cemetery corporation may hold such personal property as the legitimate and necessary purposes of the corporation may require. Source: SDC 1939, § 11.1906; SL 1949, ch 24 ; SL 1955, ch 16 .

A cemetery corporation also has power: (1) To establish a perpetual fund to be used in purchasing and maintaining mowing equipment, hiring maintenance staff, caring for, ornamenting, beautifying, and improving its grounds; (2) To receive donations, devises, and legacies for such …

The proceeds arising from the sale or resale by a cemetery corporation of lots, after deducting expenses of purchasing, inclosing, laying out, and improving the ground and of erecting buildings, shall be exclusively applied, appropriated, and used in protecting, preserving, impro…

At least fifty percent of the gross proceeds of sales of lots or graves must be applied as often as every six months to the payment of the debts and obligations of the cemetery corporation. Source: SDC 1939, § 11.1910.

All the property of every cemetery corporation and the lots sold by it to individual proprietors shall be exempt from taxation, assessment, lien, attachment, and from levy and sale upon execution and all such real property shall be exempt from appropriation for streets, roads, or…

All instruments of conveyance of real property, lots, or parts of lots made by any cemetery corporation prior to January 1, 1994, are, notwithstanding any omission, irregularity, or defect in such instruments and the proceedings, resolutions, and other actions had and taken by su…

The owner or owners or proprietors of a lot or lots in any cemetery, and none other, shall by virtue of such ownership or proprietorship of any such lot be members of the cemetery corporation and entitled to one vote only for each such person owning a lot or lots in said cemetery…

Five members of a cemetery corporation entitled to a vote under the provisions of § 47-29-3 shall constitute a quorum of the corporation to transact business of any kind including the election of officers, adoption, amendment, or repeal of bylaws, or amendment of articles of inco…

Notice of any election of directors or officers of a cemetery corporation, except the original organization election, shall be given by publishing the same in a newspaper published in the county in which the cemetery is located and nearest the vicinity thereof stating the time an…

Each director of a cemetery corporation shall be a member of the cemetery corporation. Source: SDC 1939, § 11.1903; SL 1983, ch 329 , § 2.

When grounds purchased or otherwise acquired for cemetery purposes have been previously used as a burial ground, those who are lot owners at the time of the purchase shall continue to own the same and be members of the corporation with all the privileges the purchase of a corpora…

Whenever an interment is made in any cemetery lot transferred to an individual owner by the corporation, the same thereby becomes forever inalienable while any person is buried therein and descends in regular line of succession to the heirs - at - law of the owner, but any one or…

Any cemetery lot or lots, or parts of lots, transferred to an individual owner by the corporation, or any mausoleum if the charter of the mausoleum corporation has expired, and in which no interment has been made and which for a period of ten years or more remains uncared for and…

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 doe…

Any director of a corporation who intentionally does an act, as director, which is expressly forbidden by law, or intentionally omits to perform a duty expressly imposed upon him as director, by law, the punishment for which act or omission is not otherwise prescribed, is guilty …

Every director of a corporation is deemed to possess such a knowledge of the affairs of his corporation as to enable him to determine whether any act, proceeding, or omission of its directors, is a violation of this chapter. Source: SDC 1939, § 13.4316.

Every director of a corporation, who is present at a meeting of the directors at which any act, proceeding, or omission of such directors in violation of this chapter occurs, is deemed to have concurred therein, unless he at the time causes, or in writing requires, his dissent th…

The term "director," as used in this chapter, embraces any of the persons having by law the direction or management of the affairs of a corporation, by whatever name such persons are described in its charter, or known by law. Source: SDC 1939, § 13.4316.

It is no defense to a prosecution for a violation of the provisions of this chapter that the corporation was one created by the laws of another state, government, or country, if it was one carrying on business, or keeping an officer therefor, within this state. Source: SDC 1939, …

Every officer, agent, or clerk of any corporation, or of any persons proposing to organize a corporation or to increase the capital stock of any corporation, who knowingly exhibits any false, forged, or altered book, paper, voucher, security, or other instrument of evidence to an…

Any officer of a corporation existing under the laws of this state or transacting business here, or any person holding himself out as such an officer, who, knowingly and with intent to defraud any person or the public generally, subscribes, endorses, verifies, or otherwise assent…

Any director, officer, or agent of a corporation, who knowingly receives or possesses property of the corporation, otherwise than in payment of a just demand, and who, with intent to defraud, omits to make or cause to be made a full and true entry thereof in the books or accounts…

Every insolvency of a corporation is deemed fraudulent unless its affairs appear, upon investigation, to have been administered fairly and legally, and generally with the same care and diligence that agents receiving a compensation for their services are bound by law to observe. …

Any director, officer, agent, or member of a corporation, who, with intent to defraud, destroys, alters, mutilates, or falsifies any of the books, papers, writings, or securities belonging to the corporation, or makes or concurs in making any false entry, or omits or concurs in o…

Any officer or agent of a corporation having or keeping an office within this state, who has in his custody or control any book, paper, or document of the corporation, and who refuses to give to a stockholder or member of the corporation, lawfully demanding, during office hours, …

Any person who, without being authorized so to do, subscribes the name of another to, or inserts the name of another in, a prospectus, circular, or other advertisement or announcement of a corporation or joint stock association, existing or intended to be formed, with intent to p…

Except as otherwise specially provided, any director, officer, or agent of a corporation who knowingly concurs in making or publishing a written report, exhibit, or statement of its affairs or pecuniary condition, containing a material statement which is false, or who intentional…

(i) Unlawful use of records or information. It is unlawful for the director or an officer, employee, or designee of the director to use for personal benefit or the benefit of others records or other information obtained by or filed with the director that are not public under § 47…

This chapter may be cited as the Uniform Securities Act of 2002. Source: SL 2004, ch 278 , § 1.

In this chapter, unless the context otherwise requires: (1) "Director," the director of insurance; (2) "Agent," an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer …

Securities Act of 1933 (15 U.S.C. § 77a et seq.), Securities Exchange Act of 1934 (15 U.S.C. § 78a et seq.), Public Utility Holding Company Act of 1935 (15 U.S.C. § 79 et seq.), Investment Company Act of 1940 (15 U.S.C. § 80a-1 et seq.), Investment Advisers Act of 1940 (15 U.S.C.…

A reference in this chapter to an agency or department of the United States is also a reference to a successor agency or department. Source: SL 2004, ch 278 , § 4.

This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, but does not modify, limit, or supersede Section 101(c) of that act (15 U.S.C. § 7001(c)) or authorize electronic delivery of any of the notices described in Secti…

The following securities are exempt from the requirements of §§ 47-31B-301 through 47-31B-306 and 47-31B-504 : (1) A security, including a revenue obligation or a separate security as defined in Rule 131 (17 C.F.R. 230.131) adopted under the Securities Act of 1933, issued, insure…

The following transactions are exempt from the requirements of §§ 47-31B-301 through 47-31B-306 and 47-31B-504 : (1) An isolated nonissuer transaction, whether effected by or through a broker - dealer or not; (2) A nonissuer transaction by or through a broker - dealer registered,…

A rule adopted or order issued under this chapter may exempt a security, transaction, or offer; a rule under this chapter may exempt a class of securities, transactions, or offers from any or all of the requirements of §§ 47-31B-301 through 47-31B-306 and 47-31B-504 ; and an orde…

An order under subsection (a) is effective on the date of issuance. Upon issuance of the order, the director shall promptly serve each person subject to the order with a copy of the order and a notice that the order has been entered. The order must include a statement whether the…

It is unlawful for a person to offer or sell a security in this state unless: (1) The security is a federal covered security; (2) The security, transaction, or offer is exempted from registration under §§ 47-31B-201 through 47-31B-203 ; or (3) The security is registered under thi…

(a) Required filing of records. With respect to a federal covered security, as defined in Section 18(b)(2) of the Securities Act of 1933 (15 U.S.C. § 77r(b)(2)), that is not otherwise exempt under §§ 47-31B-201 through 47-31B-203 , a rule adopted or order issued under this chapte…