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S.D. Codified Laws § 47-1A-1405.1

Limitations on effect of dissolution

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 369 F. Supp. 3d 909 - Lead GHR Enters., Inc. v. Am. States Ins. Co. (2019)

Most recently applied in 369 F. Supp. 3d 909 - Lead GHR Enters., Inc. v. Am. States Ins. Co. (February 2019)

Source: SL 2005, ch 239, § 317.

Dissolution of a corporation does not:

(1) Transfer title to the corporation's property;

(2) Prevent transfer of its shares or securities, although the authorization to dissolve may provide for closing the corporation's share transfer records;

(3) Subject its directors or officers to standards of conduct different from those prescribed in §§ 47-1A-801 to 47-1A-863.3, inclusive;

(4) Change quorum or voting requirements for its board of directors or shareholders; change provisions for selection, resignation, or removal of its directors or officers or both; or change provisions for amending its bylaws;

(5) Prevent commencement of a proceeding by or against the corporation in its corporate name;

(6) Abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution; or

(7) Terminate the authority of the registered agent of the corporation.

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