47-1A-951.1. Plan of entity conversion--Amendments.
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/sd/title-47/chapter-47-1/47-1a-951-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The plan of entity conversion may also include a provision that the plan may be amended prior to filing articles of entity conversion. However, subsequent to approval of the plan by the shareholders, the plan may not be amended to change:
(1)The amount or kind of shares or other securities, interests, obligations, rights to acquire shares, other securities or interests, cash, or other property to be received under the plan by the shareholders;
(2)The organic documents that will be in effect immediately following the conversion, except for changes permitted by a provision of the organic law of the surviving entity comparable to § 47-1A-1005 ; or
(3)Any of the other terms or conditions of the plan if the change would adversely affect any of the shareholders in any material respect.