As used in this chapter, unless the context otherwise plainly requires, "authorized farm corporation" means a corporation whose shareholders do not exceed ten in number, whose shareholders are all natural persons or estates, whose shares are all of one class, and whose revenues from rent, royalties, dividends, interest, and annuities do not exceed twenty percent of its gross receipts.
S.D. Codified Laws § 47-9A-15
Qualifications of authorized small farm corporation
Known as the Family Farm Act
The act spans §§ 47–47 (30 sections).
Applied in 1 court decision — leading case Allegheny Corp. v. Richardson, Inc. (1990)
Most recently applied in Allegheny Corp. v. Richardson, Inc. (November 1990)
Source: SL 1974, ch 294, § 3 (2).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.