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S.D. Codified Laws § 47-10-16

Classes of members--Stockholder members--Nonstockholder members

Source: SL 1957, ch 314, § 5; SDC Supp 1960, § 55.6005.

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 banks, savings and loan associations, trust companies, and insurance companies who qualify by making application to lend funds to the corporation upon call.

Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.