Five or more individuals may incorporate as a stock insurer; ten or more individuals may incorporate as a mutual insurer. The incorporators shall be citizens of the United States, at least twenty-one years of age, and a majority of the incorporators shall be residents of this state.
S.D. Codified Laws § 58-5-6
Incorporators--Number and qualifications
Source: SL 1966, ch 111, ch 16, § 6 (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.