47-25A-12. Abandonment of for-profit conversion.
(a) Unless otherwise provided in a plan of for-profit conversion of a domestic nonprofit corporation, after the plan has been adopted and approved, and at any time before the for-profit conversion has become effective, it may be abandoned by the board of directors without action by the members.
(b) If a for-profit conversion is abandoned under paragraph (a) after articles of for-profit conversion are filed with the Office of the Secretary of State but before the for-profit conversion has become effective, a statement that the for-profit conversion has been abandoned in accordance with this section, signed by an officer or other duly authorized representative, must be delivered to the Office of the Secretary of State for filing prior to the effective date of the for-profit conversion. The statement takes effect upon filing and the for-profit conversion is abandoned and does not become effective.
Source: SL 2016, ch 221, ยง27.
Structure South Dakota Codified Laws
Chapter 25A - Nonprofit Corporations--Domestication And Conversion
Section 47-25A-1 - Definitions.
Section 47-25A-2 - Required approvals.
Section 47-25A-3 - Domestication--Plan of domestication.
Section 47-25A-4 - Domestication of a domestic nonprofit corporation in a foreign jurisdiction.
Section 47-25A-5 - Articles of domestication.
Section 47-25A-7 - Abandonment of domestication.
Section 47-25A-8 - For-profit conversion--Plan of for-profit conversion.
Section 47-25A-10 - Articles of for-profit conversion.
Section 47-25A-12 - Abandonment of for-profit conversion.
Section 47-25A-13 - Foreign for-profit domestication and conversion.
Section 47-25A-14 - Articles of domestication and conversion.
Section 47-25A-16 - Abandonment of foreign for-profit domestication and conversion.
Section 47-25A-17 - Effect of conversion.
Section 47-25A-18 - Abandonment of entity conversion.
Section 47-25A-19 - Conversion of domestic business corporation to domestic nonprofit corporation.