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.
S.D. Codified Laws § 47-10-22
Nonstockholder members--Payment before dissolution of corporation
Source: SL 1957, ch 314, § 5; SDC Supp 1960, § 55.6005 (2) (f).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.