47-26-36. Decree of involuntary dissolution--Cessation of corporate existence.
In proceedings to liquidate the assets and affairs of a corporation, when the costs and expenses of such proceedings and all debts, obligations, and liabilities of the corporation shall have been paid and discharged and all of its remaining property and assets distributed in accordance with the provisions of this chapter, or in case its property and assets are not sufficient to satisfy and discharge such costs, expenses, debts, and obligations, and all the property and assets have been applied so far as they will go to their payment, the court shall enter a decree dissolving the corporation, whereupon the existence of the corporation shall cease.
Source: SL 1965, ch 24, ยง61.
Structure South Dakota Codified Laws
Chapter 26 - Nonprofit Corporations--Dissolution And Liquidation
Section 47-26-1 - Procedure for dissolution.
Section 47-26-3 - Dissolution by board of directors in corporation without members entitled to vote.
Section 47-26-5 - Manner of distribution of assets--Particular assets--Remaining assets.
Section 47-26-6 - Plan for distribution of assets--Adoption of plan.
Section 47-26-6.1 - Notice to attorney general.
Section 47-26-7 - Membership vote on plan--Meeting--Notice of meeting--Two-thirds vote required.
Section 47-26-8 - Adoption of plan by corporation having no members entitled to vote.
Section 47-26-9 - Articles of dissolution--Time for adoption--Contents.
Section 47-26-11 - Cessation of corporate existence--Exceptions.
Section 47-26-12 - Revocation of dissolution action--Procedure.
Section 47-26-14 - Revocation in corporation having no members entitled to vote.
Section 47-26-15 - Effect of adoption of revocation resolution.
Section 47-26-19 - Venue of attorney general's action--Service of process.
Section 47-26-20 - Service by publication--Contents of publication--Newspaper of publication.
Section 47-26-22 - Power of court in liquidation proceedings--Actions by member or director.
Section 47-26-23 - Power of court in liquidation proceedings--Action by creditor.
Section 47-26-24 - Power of court in liquidation proceedings--Application by corporation.
Section 47-26-25 - Power of court in liquidation proceedings--Action by attorney general.
Section 47-26-26 - Venue of actions.
Section 47-26-27 - Proper parties to action.
Section 47-26-28 - Preservation of corporate assets--Injunctions and receivers.
Section 47-26-31 - Expenses of liquidation--Compensation of receiver--Attorneys' fees.
Section 47-26-32 - Capacity of receiver to sue and be sued--Jurisdiction of court.
Section 47-26-33 - Qualifications of receiver--Bond.
Section 47-26-35 - Discontinuance of liquidation proceedings--Redelivery of assets to corporation.
Section 47-26-36 - Decree of involuntary dissolution--Cessation of corporate existence.
Section 47-26-37 - Copy of decree filed with secretary of state--Fee.
Section 47-26-40 - Dissolution by expiration of period of duration--Extension of period of duration.