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§ 47-1A-601.2 Classes or series of shares articles of incorporation may authorize.

SD Codified L § 47-1A-601.2 (2019) (N/A)
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47-1A-601.2. Classes or series of shares articles of incorporation may authorize. The articles of incorporation may authorize one or more classes or series of shares that:

(1) Have special, conditional, or limited voting rights, or no right to vote, except to the extent otherwise provided by this chapter;

(2) Are redeemable or convertible as specified in the articles of incorporation:

(a) At the option of the corporation, the shareholder, or another person or upon the occurrence of a specified event;

(b) For cash, indebtedness, securities, or other property; and

(c) At prices and in amounts specified, or determined in accordance with a formula;

(3) Entitle the holders to distributions calculated in any manner, including dividends that may be cumulative, noncumulative, or partially cumulative; or

(4) Have preference over any other class or series of shares with respect to distributions, including distributions upon the dissolution of the corporation.

The description of the preferences, rights, and limitations of classes or series of shares in this section is not exhaustive.

Source: SL 2005, ch 239, § 55.

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§ 47-1A-601.1 Classes or series of shares articles of incorporation required to authorize.
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§ 47-1A-602 Classification or reclassification of unissued shares determined by board of directors.