No cooperative funds may be used, nor any stock issued, in payment of any promotion expenses in excess of ten percent of the paid-up capital stock or membership fees. No commission or expenses shall be paid on the sale of stock in excess of ten percent of the par value thereof.
S.D. Codified Laws § 47-15-40
Promotion expenses--Commissions on stock sales--Limitations
Known as the South Dakota Cooperative Association Act
The act spans §§ 47–47 (47 sections).
Source: SDC 1939, § 11.1112 as enacted by SL 1965, ch 23, § 1.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.