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 losses and contingencies, and whenever it becomes impaired it shall be reimbursed in the manner provided for its accumulation.
S.D. Codified Laws § 47-10-13
Accumulation of surplus--Use of surplus
Source: SL 1957, ch 314, § 6; SDC Supp 1960, § 55.6006.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.