LegalFix
Sign In

§ 47-24-17 Notice to attorney general before sale, transfer, conversion, or merger of at least thirty percent of assets--Information to be submitted to secretary of state.

SD Codified L § 47-24-17 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

47-24-17. Notice to attorney general before sale, transfer, conversion, or merger of at least thirty percent of assets--Information to be submitted to secretary of state. At least ten days prior to the sale, transfer, conversion, or merger of at least thirty percent of the assets of a nonprofit corporation, the corporation shall give written notice to the attorney general. The following information shall, within sixty days of such sale, transfer, or merger, be submitted to the secretary of state:

(1) Name and address of the parties involved in the sale, transfer, conversion, or merger;

(2) Terms and conditions of the sale, transfer, conversion, or merger;

(3) Dollar value of the assets being sold, transferred, converted, or merged, including an account of how the value was determined; and

(4) An explanation of how the sale, transfer, conversion, or merger furthers the purpose of the nonprofit corporation.

The information shall be submitted on forms provided by the secretary of state.

Source: SL 1997, ch 260, § 1; SL 2016, ch 221, § 13.

Previous Section
§ 47-24-16 Conforming petition for reinstatement filed--Certificate.
No more sections