47-10-12. Capitalization--Minimum capital before commencing business. At least twenty-five percent of the capital stock authorized in the articles of incorporation shall be paid into the treasury of the corporation in cash before the corporation shall be authorized to transact any business other than such as relates to its organization.
Source: SL 1957, ch 314, § 3; SDC Supp 1960, § 55.6003.
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