At all times that shares of the corporation are outstanding, one or more shares that together have unlimited voting rights and one or more shares that together are entitled to receive the net assets of the corporation upon dissolution must be outstanding.
S.D. Codified Laws § 47-1A-603.1
Outstanding shares--Shares with unlimited voting rights and entitled to receipt of net assets upon dissolution required
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, § 59.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.