47-24-4. Compensation of members, directors, or officers--Distributions upon final liquidation.
A corporation may pay compensation in a reasonable amount to its members, directors, or officers for services rendered, may confer benefits upon its members in conformity with its purposes, and may make distributions upon dissolution or final liquidation as permitted by chapter 47-26, and no such payment, benefit, or distribution shall be deemed to be a dividend or a distribution of income or profit.
Source: SL 1965, ch 24, ยง28.
Structure South Dakota Codified Laws
Chapter 24 - Nonprofit Corporations--Records, Fiscal Affairs And Reports
Section 47-24-1 - Books, records, minutes, and member lists.
Section 47-24-2 - Inspection of books or records.
Section 47-24-3 - Shares of stock prohibited--Dividends and profits prohibited.
Section 47-24-5 - Loans to directors or officers--Liability for assenting to loan.
Section 47-24-6 - Report required of domestic corporation.
Section 47-24-13.1 - Administrative dissolution.
Section 47-24-14.1 - Denial of reinstatement--Appeal--Court action.
Section 47-24-15 - Change of name required on reinstatement.
Section 47-24-16 - Conforming petition for reinstatement filed--Certificate.
Section 47-24-18 - Definitions.
Section 47-24-19 - Protection--Nonprofit corporations--Charitable trusts.
Section 47-24-20 - Exceptions.
Section 47-24-21 - Personal affiliation information--Definitions.
Section 47-24-23 - Personal affiliation information--Privacy violation--Civil action.
Section 47-24-24 - Personal affiliation information--Exemptions.
Section 47-24-25 - Personal affiliation information--Public benefit.
Section 47-24-26 - Personal affiliation information--Fraud investigation.