47-25A-19. Conversion of domestic business corporation to domestic nonprofit corporation.
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/sd/title-47/chapter-47-25/47-25a-19A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A domestic business corporation may become a domestic nonprofit corporation pursuant to a plan of nonprofit conversion only if incorporating pursuant to this chapter is not prohibited by any other law of this state. If the law of a domestic business corporation does not provide procedures for the approval of either a nonprofit conversion or a merger, a plan of nonprofit conversion must be adopted and approved, and the conversion effectuated in accordance with this chapter.