LegalFix
Sign In

§ 47-1A-902 Required approvalsSUBPART B. DOMESTICATION.

SD Codified L § 47-1A-902 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

47-1A-902. Required approvals. If a domestic or foreign business corporation or eligible entity is also governed by specific statutes such as insurance, banking, public utilities, and savings and loan provisions, the corporation or eligible entity cannot be a party to a transaction under §§ 47-1A-901 to 47-1A-956, inclusive, without also complying with the requirements of such specific statutes.

Property held in trust or for charitable purposes under the laws of this state by a domestic or foreign eligible entity may not, by any transaction under §§ 47-1A-901 to 47-1A-956, inclusive, be diverted from the objects for which it was donated, granted, or devised, unless and until the eligible entity obtains an order of the circuit court specifying the disposition of the property to the extent required by and pursuant to § 55-9-4.

Source: SL 2005, ch 239, § 195.

Previous Section
§ 47-1A-901 Excluded transactions.
Next Section
§ 47-1A-920 Domestication--Foreign business corporation to be domestic business corporation.