47-10-19. Nonstockholder members--Right to withdraw--Conditions.
Upon written notice given sixty days in advance, a nonstockholder member of a business development credit corporation may withdraw from such membership at the expiration date of such notice and after said expiration date shall cease to exercise any of the powers and privileges incidental to such membership and shall be free of any obligations in connection therewith except those obligations which have accrued or for which commitments have been made before said expiration date.
Source: SL 1957, ch 314, §5; SDC Supp 1960, §55.6005 (2) (c).
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.