47-11C-4. Purchase at book value of shares of deceased or ineligible shareholder.
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 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 accounting method used by the corporation.
Source: SL 1977, ch 384, ยง4.
Structure South Dakota Codified Laws
Chapter 11C - Podiatric Corporations
Section 47-11C-1 - Podiatric corporations and limited liability companies authorized.
Section 47-11C-1.1 - Definition of terms.
Section 47-11C-2 - Corporate name--Ethical standards.
Section 47-11C-3 - Podiatric license required for officers, directors, and shareholders.
Section 47-11C-3.1 - Revocable trust as shareholder--Conditions.
Section 47-11C-4 - Purchase at book value of shares of deceased or ineligible shareholder.
Section 47-11C-5 - Contracts for personal services with licensed podiatrists.
Section 47-11C-6 - Professional services limited to licensed agents.
Section 47-11C-7 - Licensed employees subject to discipline under practice act.
Section 47-11C-8 - Certificate of registration required--Contents of application.
Section 47-11C-10 - Posting of certificate.
Section 47-11C-11 - Change of location of corporation--Certificate amended.
Section 47-11C-12 - Certificate not assignable.
Section 47-11C-13 - Annual renewal of certificate--Conditions.
Section 47-11C-14 - Suspension or revocation of certificate--Grounds.
Section 47-11C-15 - Suspension or revocation proceedings deemed contested case.
Section 47-11C-16 - Relationship with patient unchanged.
Section 47-11C-21.2 - Amendment of articles of incorporation to be consistent with law.
Section 47-11C-22 - Pension and insurance plans for employees--Restrictions on terms.