Title 47 — CORPORATIONS

Any corporation which fails to file any report required by this chapter or intentionally files false information on any report required by this chapter is subject to a civil fine of not more than one thousand dollars. Source: SL 1974, ch 294 , § 7; SL 1983, ch 15 , § 31; SL 1983,…

If the attorney general has reason to believe that a corporation is in violation of this chapter, he shall commence an action in the circuit court for the county in which any agricultural lands relative to such violation are situated, or if situated in two or more counties, in an…

The attorney general shall file any order under § 47-9A-21 for record with the register of deeds of each county in which any portion of said lands are located. Thereafter, the corporation owning such land shall have a period of five years from the date of such order to divest its…

This chapter shall be known and may be cited as the Family Farm Act of 1974. Source: SL 1974, ch 294 , § 1.

Except as provided herein, no foreign or domestic corporation may engage in farming; nor may any foreign or domestic corporation, directly or indirectly, own, acquire, or otherwise obtain an interest, whether legal, beneficial or otherwise, in any title to real estate used for fa…

The restrictions of §§ 47-9A-1 and 47-9A-3 do not apply to the cultivation of edible fruits, vegetables or mushrooms if such cultivation occurs within a greenhouse or other enclosed or semi - enclosed structure. Source: SL 1986, ch 386 ; SL 2004, ch 277 , § 1.

The restrictions of §§ 47-9A-1 and 47-9A-3 do not apply to facilities acquired by a corporation for the purpose of feeding poultry for the production of meat or eggs. Source: SL 1986, ch 385 ; SL 2004, ch 277 , § 2.

The restrictions of §§ 47-9A-1 and 47-9A-3 do not apply to agricultural lands acquired by a corporation solely for the purpose of operating a dairy. Source: SL 2008, ch 237 , § 1.

The restrictions of §§ 47-9A-1 and 47-9A-3 do not apply to agricultural land and land capable of being used for farming which: (1) Was owned by a corporation as of July 1, 1974, including the normal expansion of such ownership at a rate not to exceed twenty percent, measured in a…

The restrictions provided in §§ 47-9A-1 and 47-9A-3 do not apply to a bona fide encumbrance taken for purposes of security. Source: SL 1974, ch 294 , § 4 (1); SL 2004, ch 277 , § 4.

The restrictions of §§ 47-9A-1 and 47-9A-3 do not apply to agricultural lands acquired by a corporation by process of law in the collection of debts; or by any procedure for the enforcement of a lien or claim thereon, whether created by mortgage or otherwise. However, any land so…

The restrictions in §§ 47-9A-1 and 47-9A-3 do not apply to a gift of agricultural land, whether by grant or devise, to any nonprofit entity organized under the laws of this state and registered with the secretary of state. Source: SL 1974, ch 294 , § 4 (7); SL 2004, ch 277 , § 6;…

The restrictions of §§ 47-9A-1 and 47-9A-3 do not apply to any entity that engages in farming primarily for scientific, medical, research, or experimental purposes. However, any commercial sales from such farming shall be incidental to the scientific, medical, research, or experi…

Corporations may be organized under this chapter to promote, assist, encourage, and through the cooperative efforts of the institutions and corporations which are members thereof, develop and advance the business prosperity and economy of the state to encourage new industries and…

Five or more natural persons of the age of twenty - one years or more, may act as incorporators by signing, acknowledging, filing, and recording articles of incorporation for a business development credit corporation. Source: SL 1957, ch 314 , § 1; SDC Supp 1960, § 55.6001.

The corporate powers of any business development credit corporation shall be exercised by a board of directors. The number of directors and their term of office shall be determined in a manner prescribed in the bylaws. At no time shall there be less than five directors. The initi…

At least twenty - five percent of the capital stock authorized in the articles of incorporation shall be paid into the treasury of the corporation in cash before the corporation shall be authorized to transact any business other than such as relates to its organization. Source: S…

Any business development credit corporation shall set apart as a surplus not less than ten percent of its net earnings each year until such surplus, with any unimpaired surplus paid in, shall amount to one - half of the capital stock. The surplus shall be kept to secure against l…

At least a majority of the common stock of a business development credit corporation shall at all times be held by residents of this state or by persons, firms, or corporations engaged in doing business therein. Common stock shall at all times be held by stockholder members who h…

The first annual meeting of a business development credit corporation shall occur at a date to be fixed by the board of directors as soon as reasonably possible after a minimum of twenty - five percent of the capital stock of the corporation is paid into its treasury and a minimu…

There shall be two classes of members in the corporation with voting rights specified in the articles of incorporation. (1) Stockholder members include individuals, corporations, and organizations who qualify by the purchase of common stock. (2) Nonstockholder members include ban…

Each nonstockholder member of a business development credit corporation shall establish a line of credit to the corporation as determined in the articles of incorporation. Source: SL 1957, ch 314 , § 5; SDC Supp 1960, § 55.6005 (2) (a).

All calls of funds which nonstockholder members of a business development credit corporation are committed to lend to the corporation shall be prorated by the corporation among the nonstockholder members in the same proportion that the individual lines of credit bear to the aggre…

Upon written notice given sixty days in advance, a nonstockholder member of a business development credit corporation may withdraw from such membership at the expiration date of such notice and after said expiration date shall cease to exercise any of the powers and privileges in…

In furtherance of the purposes set forth in § 47-10-1 and in addition to the powers conferred by the general laws relating to business corporations, any business development credit corporation shall, subject to the restrictions and limitations contained in this chapter, have the …

Nonstockholder members of a business development credit corporation do not assume any liability for the debts of the corporation. Source: SL 1957, ch 314 , § 5; SDC Supp 1960, § 55.6005 (2) (d).

Nonstockholder members of a business development credit corporation shall not share in any surplus of the corporation in excess of the obligations due such nonstockholder members. Source: SL 1957, ch 314 , § 5; SDC Supp 1960, § 55.6005 (2) (e).

Upon dissolution of a corporation organized under this chapter, obligations due the nonstockholder members are to be paid in full before any payments are made to the stockholder members. Source: SL 1957, ch 314 , § 5; SDC Supp 1960, § 55.6005 (2) (f).

Notwithstanding any other statute, the notes or other interest - bearing obligations of any corporation organized under this chapter, issued in accordance with this law and the articles of incorporation and bylaws of the corporation shall be legal investments for the banks, savin…

The provisions of §§ 47-1A-101 to 47-1A-863.3 , inclusive, §§ 47-1A-1401 to 47-1A-1440 , inclusive, and §§ 47-1A-1601 to 47-1A-1621.3, inclusive, shall apply to corporations incorporated under this chapter, insofar as they may be applicable and not inconsistent with this chapter.…

Subject to § 47-10-2 , any business development credit corporation shall have the power to borrow money on secured or unsecured notes from any bank, savings and loan association, trust company, or insurance company which is a nonstockholder member of the corporation and from othe…

Subject to § 47-10-2 , any business development credit corporation shall have the power to make secured or unsecured loans; but it is not the intention hereof to take from the lending institutions within the state any loans or commitments desired by such institutions generally in…

Subject to § 47-10-2 , any business development credit corporation shall have the power to establish and regulate the terms and conditions of any loans under § 47-10-4 and the charges for interest or service connected therewith. Source: SL 1957, ch 314 , § 2; SDC Supp 1960, § 55.…

Subject to § 47-10-2 , any business development credit corporation shall have the power to purchase, hold, lease, and otherwise acquire and to convey such real and personal estate as it may acquire in the satisfaction of debts, or pursuant to the terms and conditions of loans, or…

Subject to § 47-10-2 , any business development credit corporation shall have the power to promote the establishment of local industrial development corporations in the various communities of the state, to enter into agreements with them, and to cooperate with, assist and otherwi…

Subject to § 47-10-2 , any business development credit corporation shall have the power to participate with any duly authorized federal lending agency in the making of loans. Source: SL 1957, ch 314 , § 2; SDC Supp 1960, § 55.6002 (6).

The corporation shall lend money only when credit is not elsewhere readily available. Before granting any loan, the board of directors or a committee thereof shall endeavor, so far as is reasonably possible, to ascertain that the first opportunity to grant such loan has been give…

One or more persons licensed pursuant to chapter 36-4 , hereinafter referred to as the Medical Practice Act, may associate to form a corporation pursuant to the provisions of law pertaining to private corporations to own, operate, and maintain an establishment for the study, diag…

Terms used in this chapter mean: (1) "Articles of incorporation," includes the articles of organization of a limited liability company; (2) "Corporation," both corporations under the South Dakota Business Corporations Act and limited liability companies under the South Dakota Lim…

In the event of a change of location of the registered establishment, the Board of Medical and Osteopathic Examiners, in accordance with its regulations, shall amend the certificate of registration so that it shall apply to the new location. Source: SL 1961, ch 29 , § 8.

No certificate of registration issued under this chapter shall be assignable. Source: SL 1961, ch 29 , § 9.

Upon written application of the holder, accompanied by a fee of one hundred dollars, the Board of Medical and Osteopathic Examiners shall annually renew the certificate of registration if the board finds that the corporation has complied with its regulations and the provisions of…

The Board of Medical and Osteopathic Examiners may suspend or revoke any certificate of registration issued under this chapter for any of the following reasons: (1) The revocation or suspension of the license to practice medicine of any officer, director, shareholder, or employee…

Before any certificate of registration is suspended or revoked, the holder shall be given written notice of the proposed action and the reasons therefor, and shall be given a public hearing by the Board of Medical and Osteopathic Examiners with the right to produce testimony conc…

Any corporation whose application for a certificate of registration has been denied or whose registration has been suspended or revoked may, within thirty days after notice of such action by the Board of Medical and Osteopathic Examiners, appeal to the circuit court for the count…

Notice of appeal shall be served upon any member of the Board of Medical and Osteopathic Examiners by leaving with such member, or at his usual place of abode, an attested copy thereof within thirty days after the board has notified the appellant of its decision. Source: SL 1961,…

This chapter does not alter any law applicable to the relationship between a physician furnishing medical service and a person receiving such service, including liability arising out of such service. Source: SL 1961, ch 29 , § 15.

The provisions of the law governing private corporations shall be applicable to corporations formed under this chapter, including their organization, and they shall enjoy the powers and privileges and be subject to the duties, restrictions, and liabilities of other corporations, …

If any provision of this chapter or the application thereof to any person or circumstances is invalid, such invalidity shall not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the pro…

A corporate name shall end with the word "chartered," or, the word "limited," or the abbreviation "Ltd.," or the words "professional association," or the abbreviation "P.C." or "PC". Corporations that were utilizing the designation "P.A." on July 1, 1974, but no others, may conti…