South Dakota Codified Laws
Title 47 - Corporations
Chapter 10 - Business Development Credit Corporations

Section 47-10-1 - Purposes of corporations. - 47-10-1. Purposes of corporations. Corporations may be organized under this...

Section 47-10-2 - Powers of corporations. - 47-10-2. Powers of corporations. In furtherance of the purposes set...

Section 47-10-3 - Borrowing--Pledging security for borrowings. - 47-10-3. Borrowing--Pledging security for borrowings. Subject to §47-10-2, any business...

Section 47-10-4 - Lending--Competition with lending institutions prohibited. - 47-10-4. Lending--Competition with lending institutions prohibited. Subject to §47-10-2, any...

Section 47-10-5 - Terms and conditions of loans. - 47-10-5. Terms and conditions of loans. Subject to §47-10-2, any...

Section 47-10-6 - Purchase and sale of property. - 47-10-6. Purchase and sale of property. Subject to §47-10-2, any...

Section 47-10-7 - Promotion of local development corporations. - 47-10-7. Promotion of local development corporations. Subject to §47-10-2, any...

Section 47-10-8 - Participation in federal programs. - 47-10-8. Participation in federal programs. Subject to §47-10-2, any business...

Section 47-10-9 - Lending--Duty to give first opportunity to lending institution. - 47-10-9. Lending--Duty to give first opportunity to lending institution. The...

Section 47-10-10 - Incorporators. - 47-10-10. Incorporators. Five or more natural persons of the age...

Section 47-10-11 - Directors--Number and term of office. - 47-10-11. Directors--Number and term of office. The corporate powers of...

Section 47-10-12 - Capitalization--Minimum capital before commencing business. - 47-10-12. Capitalization--Minimum capital before commencing business. At least twenty-five percent...

Section 47-10-13 - Accumulation of surplus--Use of surplus. - 47-10-13. Accumulation of surplus--Use of surplus. Any business development credit...

Section 47-10-14 - Persons authorized to hold common stock. - 47-10-14. Persons authorized to hold common stock. At least a...

Section 47-10-15 - First annual meeting--Conditions--Subsequent annual meetings. - 47-10-15. First annual meeting--Conditions--Subsequent annual meetings. The first annual meeting...

Section 47-10-16 - Classes of members--Stockholder members--Nonstockholder members. - 47-10-16. Classes of members--Stockholder members--Nonstockholder members. There shall be two...

Section 47-10-17 - Nonstockholder members--Establishment of line of credit. - 47-10-17. Nonstockholder members--Establishment of line of credit. Each nonstockholder member...

Section 47-10-18 - Nonstockholder members--Duty to lend. - 47-10-18. Nonstockholder members--Duty to lend. All calls of funds which...

Section 47-10-19 - Nonstockholder members--Right to withdraw--Conditions. - 47-10-19. Nonstockholder members--Right to withdraw--Conditions. Upon written notice given sixty...

Section 47-10-20 - Nonstockholder members--Liability for debts. - 47-10-20. Nonstockholder members--Liability for debts. Nonstockholder members of a business...

Section 47-10-21 - Nonstockholder members--Right to share in surplus. - 47-10-21. Nonstockholder members--Right to share in surplus. Nonstockholder members of...

Section 47-10-22 - Nonstockholder members--Payment before dissolution of corporation. - 47-10-22. Nonstockholder members--Payment before dissolution of corporation. Upon dissolution of...

Section 47-10-23 - Legal investments. - 47-10-23. Legal investments. Notwithstanding any other statute, the notes or...

Section 47-10-24 - Applicability of other laws. - 47-10-24. Applicability of other laws. The provisions of §§47-1A-101 to...