Provisions shall be made requiring any shareholder of a corporation formed under § 47-11A-1 who ceases to be eligible to be a shareholder to dispose of all his shares forthwith either to the corporation or to any person having the qualifications prescribed in § 47-11A-5.
S.D. Codified Laws § 47-11A-6
Disposition of shares when shareholder no longer eligible
Source: SL 1970, ch 258, § 1 (5).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.