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Code · South Dakota · Title 47 · Chapter 47-16

47-16-27. Stock certificates--Conditions to issuance.

82 words·~1 min read·/sd/title-47/chapter-47-16/47-16-27

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No stock certificate may be issued by a cooperative except upon payment of the par value of the stock it represents. No cooperative shall issue stock or bonds except for money, labor done, or money or property actually received; and all fictitious increase of stock or indebtedness shall be void. If payment for stock is not in money, the value of the consideration shall be determined by the board of directors and such determination, if made in good faith, shall be conclusive.
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