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Code · South Dakota · Title 47 · Chapter 47-10

47-10-16. Classes of members--Stockholder members--Nonstockholder members.

62 words·~1 min read·/sd/title-47/chapter-47-10/47-10-16

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There shall be two classes of members in the corporation with voting rights specified in the articles of incorporation.
(1)Stockholder members include individuals, corporations, and organizations who qualify by the purchase of common stock.
(2)Nonstockholder members include banks, savings and loan associations, trust companies, and insurance companies who qualify by making application to lend funds to the corporation upon call.
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