In a proceeding under subdivision 47-1A-1430(2) to dissolve a corporation that has no shares listed on a national securities exchange or regularly traded in a market maintained by one or more members of a national or affiliated securities association, the corporation may elect or, if it fails to elect, one or more shareholders may elect to purchase all shares owned by the petitioning shareholder at the fair value of the shares. An election pursuant to this section is irrevocable unless the court determines that it is equitable to set aside or modify the election.
S.D. Codified Laws § 47-1A-1434
Election to purchase in lieu 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 Link v. L.S.I., Inc. (2010)
Most recently applied in Link v. L.S.I., Inc. (December 2010)
Source: SL 2005, ch 239, § 338.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.