A corporation may issue the number of shares of each class or series authorized by the articles of incorporation. Shares that are issued are outstanding shares until they are reacquired, redeemed, converted, or cancelled. The reacquisition, redemption, or conversion of outstanding shares is subject to the limitations of § 47-1A-603.1 and §§ 47-1A-640 to 47-1A-640.5, inclusive.
S.D. Codified Laws § 47-1A-603
Issuance of shares--Outstanding until reacquired, redeemed, converted, or cancelled
Known as the South Dakota Business Corporation Act
The act spans §§ 47-1A-1001–47-1A-957 (383 sections).
Source: SL 2005, ch 239, § 58.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.