The commission may conduct investigations to ascertain if any capital stock of any corporate applicant is held for an undisclosed principal. Failure to disclose a principal is a material false statement.
S.D. Codified Laws § 42-7-66
Investigation of stock ownership--Failure to disclose
Source: SL 1978, ch 302, § 18; SL 1991, ch 349, § 18.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.