If a shareholder makes demand for payment under § 47-1A-1326 which remains unsettled, the corporation shall commence a proceeding within sixty days after receiving the payment demand and petition the court to determine the fair value of the shares and accrued interest. If the corporation does not commence the proceeding within the sixty-day period, it shall pay in cash to each shareholder the amount the shareholder demanded pursuant to § 47-1A-1326 plus interest.
S.D. Codified Laws § 47-1A-1330
Court action
Known as the South Dakota Business Corporation Act
The act spans §§ 47-1A-1001 to 47-1A-957 (383 sections).
Applied in 1 court decision — leading case Link v. L.S.I., Inc. (2010)
Most recently applied in Link v. L.S.I., Inc. (December 2010)
Source: SL 2005, ch 239, § 300.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.