47-11-4. Death of shareholder--Computation of book value.
If the articles of incorporation or bylaws of a corporation subject to this chapter fail to state a price or method of determining a fixed price at which the corporation or its shareholders may purchase the shares of a deceased shareholder or a shareholder no longer qualified to own shares in the corporation, then the price for such shares shall be the book value as of the end of the month immediately preceding the death or disqualification of the shareholder. Book value shall be determined from the books and records of the corporation in accordance with the regular method of accounting used by the corporation.
Source: SL 1961, ch 29, §17.
Structure South Dakota Codified Laws
Chapter 11 - Medical Corporations
Section 47-11-1.1 - Definition of terms.
Section 47-11-2 - Corporate name.
Section 47-11-3 - Medical license required for all officers, directors, and shareholders.
Section 47-11-3.1 - Revocable trust as shareholder--Conditions.
Section 47-11-4 - Death of shareholder--Computation of book value.
Section 47-11-5 - Contracts for personal services with licensed persons.
Section 47-11-6 - Employees subject to Medical Practice Act.
Section 47-11-7 - Certificate of registration required--Application for certificate--Contents.
Section 47-11-9 - Posting of certificate required.
Section 47-11-10 - Amending certificate upon change of location.
Section 47-11-11 - Certificate not assignable.
Section 47-11-12 - Annual renewal of certificate--Conditions.
Section 47-11-13 - Suspension or revocation of certificate--Grounds.
Section 47-11-14 - Notice and hearing required--Contents of notice.
Section 47-11-15 - Appeal from denial of certificate--Power of court on appeal.
Section 47-11-16 - Service of notice of appeal.
Section 47-11-17 - Physician-patient relationship unaffected.
Section 47-11-18 - Private corporations law as applicable.
Section 47-11-19 - Severability and saving clause.