47-1A-640. Distributions to shareholders authorized--Distribution entitlement date.
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/sd/title-47/chapter-47-1/47-1a-640A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A board of directors may authorize, and the corporation may make, distributions to its shareholders subject to restriction by the articles of incorporation and the limitation in § 47-1A-640.1 . If the board of directors does not fix the record date for determining shareholders entitled to a distribution, other than one involving a purchase, redemption, or other acquisition of the corporation's shares, it is the date the board of directors authorizes the distribution.