47-30-1. Fraudulent subscription agreement--Misdemeanor.
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/sd/title-47/chapter-47-30/47-30-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any person:
(1)Who signs the name of a fictitious person to a subscription for, or agreement to take stock in a corporation, existing or proposed; or
(2)Who procures another to sign such subscription or agreement:
(a)Knowing that the other person does not have the means or does not intend in good faith to comply with all the terms thereof; or
(b)Under an understanding or agreement that the terms of the subscription or agreement will not be complied with or enforced;