Each corporation shall have power to make contracts and incur liabilities, borrow money at such rates of interest as the corporation may determine, issue its notes, bonds, and other obligations, and secure any of its obligations by mortgage or pledge of all or any of its property, franchises, and income.
S.D. Codified Laws § 47-22-59
Powers of corporation--Contracting--Borrowing--Issuance of securities
Known as the South Dakota Nonprofit Corporation Act
The act spans §§ 47–47 (90 sections).
Applied in 1 court decision — leading case Nelson v. WEB Water Development Ass'n, Inc. (1993)
Most recently applied in Nelson v. WEB Water Development Ass'n, Inc. (October 1993)
Source: SL 1965, ch 24, § 5 (8).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.