LegalFix
Sign In

§ 47-1A-1405.1 Limitations on effect of dissolution.

SD Codified L § 47-1A-1405.1 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

47-1A-1405.1. Limitations on effect of dissolution. Dissolution of a corporation does not:

(1) Transfer title to the corporation's property;

(2) Prevent transfer of its shares or securities, although the authorization to dissolve may provide for closing the corporation's share transfer records;

(3) Subject its directors or officers to standards of conduct different from those prescribed in §§ 47-1A-801 to 47-1A-863.3, inclusive;

(4) Change quorum or voting requirements for its board of directors or shareholders; change provisions for selection, resignation, or removal of its directors or officers or both; or change provisions for amending its bylaws;

(5) Prevent commencement of a proceeding by or against the corporation in its corporate name;

(6) Abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution; or

(7) Terminate the authority of the registered agent of the corporation.Source: SL 2005, ch 239, § 317.

Previous Section
§ 47-1A-1405 Effect of dissolution.
Next Section
§ 47-1A-1406 Known claims against dissolved corporation.