In lieu of such bond, such incorporators may deposit with the director twenty-five thousand dollars or United States government bonds, negotiable and payable to the bearer, with a market value at all times of not less than twenty-five thousand dollars, to be held in trust upon the same conditions as required for such bond.
S.D. Codified Laws § 58-5-13
Deposit by incorporators of mutual insurer in lieu of bond--Amount
Source: SL 1966, ch 111, ch 16, § 10 (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.