49-33-14.2. Annual and special meetings of stockholders--Quorum--Notice.

232 words·~1 min read·/sd/title-49/chapter-49-33/49-33-14-2

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All annual and special meetings of stockholders of a corporation organized under chapter 49-33 shall be called by the board of directors. The quorum required for such meetings shall be set forth in the bylaws of the corporation. Written notice stating the place, day and hour of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting is called, shall be delivered not less than ten nor more than fifty days before the date of the meeting, either personally or by mail, or by or at the direction of the president or secretary, to each stockholder of record, as of the record date, entitled to vote at such meeting.

However, in order to comply with S.D. Const., Art. XVII, § 8, if at an annual or special stockholders' meeting, the stockholders are to vote, either as a single matter or as one matter among another or more matters, on an increase in the stock or indebtedness of the corporation, the notice of such meeting shall be delivered, personally or by mail, not less than sixty nor more than eighty days before the date of the meeting. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail addressed to the stockholder at his address as it appears on the stock transfer books of the corporation, with postage thereon prepaid.