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S.D. Codified Laws § 47-1A-1325.1

Notice required upon withholding of payment for after-acquired shares

Known as the South Dakota Business Corporation Act

The act spans §§ 47-1A-1001 to 47-1A-957 (383 sections).

Source: SL 2005, ch 239, § 296.

If the corporation elected to withhold payment under § 47-1A-1325, the corporation must, within thirty days after the form required by subsection 47-1A-1322.1(2)(b) is due, notify all shareholders who are described in § 47-1A-1325:

(1) Of the information required by subdivision 47-1A-1324(1);

(2) Of the corporation's estimate of fair value pursuant to subdivision 47-1A-1324(2);

(3) That they may accept the corporation's estimate of fair value, plus interest, in full satisfaction of their demands or demand appraisal under § 47-1A-1326;

(4) That those shareholders who wish to accept such offer must so notify the corporation of their acceptance of the corporation's offer within thirty days after receiving the offer; and

(5) That those shareholders who do not satisfy the requirements for demanding appraisal under § 47-1A-1326 shall be deemed to have accepted the corporation's offer.

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