47-10-11. Directors--Number and term of office.
The corporate powers of any business development credit corporation shall be exercised by a board of directors. The number of directors and their term of office shall be determined in a manner prescribed in the bylaws. At no time shall there be less than five directors. The initial board of directors shall consist of the incorporators and they shall serve until the first annual meeting.
Source: SL 1957, ch 314, §4; SDC Supp 1960, §55.6004.
Structure South Dakota Codified Laws
Chapter 10 - Business Development Credit Corporations
Section 47-10-1 - Purposes of corporations.
Section 47-10-2 - Powers of corporations.
Section 47-10-3 - Borrowing--Pledging security for borrowings.
Section 47-10-4 - Lending--Competition with lending institutions prohibited.
Section 47-10-5 - Terms and conditions of loans.
Section 47-10-6 - Purchase and sale of property.
Section 47-10-7 - Promotion of local development corporations.
Section 47-10-8 - Participation in federal programs.
Section 47-10-9 - Lending--Duty to give first opportunity to lending institution.
Section 47-10-10 - Incorporators.
Section 47-10-11 - Directors--Number and term of office.
Section 47-10-12 - Capitalization--Minimum capital before commencing business.
Section 47-10-13 - Accumulation of surplus--Use of surplus.
Section 47-10-14 - Persons authorized to hold common stock.
Section 47-10-15 - First annual meeting--Conditions--Subsequent annual meetings.
Section 47-10-16 - Classes of members--Stockholder members--Nonstockholder members.
Section 47-10-17 - Nonstockholder members--Establishment of line of credit.
Section 47-10-18 - Nonstockholder members--Duty to lend.
Section 47-10-19 - Nonstockholder members--Right to withdraw--Conditions.
Section 47-10-20 - Nonstockholder members--Liability for debts.
Section 47-10-21 - Nonstockholder members--Right to share in surplus.
Section 47-10-22 - Nonstockholder members--Payment before dissolution of corporation.