reglab/housing_qa huggingface dataset:
SD Codified L § 58-5-55 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-55 - Meetings of stockholders or members--Organization for transaction of business, quorum required.

58-5-55. Meetings of stockholders or members--Organization for transaction of business, quorum required.A stockholders' or members' meeting duly held can be organized for the transaction of business whenever a quorum is present. Unless otherwise provided in the bylaws or articles of incorporation:(1)The presence, in person or by proxy, of the holders of not less than ten percent of the voting power of all stockholders or of all members shall constitute a quorum;(2)The stockholders or members present at a duly organized meeting can continue to do business until adjournment, notwithstanding the withdrawal of enough stockholders or members to leave less than a quorum;(3)If any necessary officer fails to attend such meeting, any stockholder or member present may be elected to act temporarily in lieu of any such absent officer;(4)In the absence of a quorum, those present may adjourn the meeting to such time as they may determine; and(5)An annual or special meeting of stockholders or members may be adjourned to another date without a new notice being given. Source: SL 1966, ch 111, ch 16, §18 (6).
SD Codified L § 58-5-56 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-56 - Amendment of articles of incorporation at meeting of stockholders or members--Notice of meeting.

58-5-56. Amendment of articles of incorporation at meeting of stockholders or members--Notice of meeting.No meeting of stockholders or members shall amend the insurer's articles of incorporation unless such amendment to the articles of incorporation is included in the notice of such meeting, which notice must be given by mail at least thirty days prior to such meeting, to those entitled to vote, at their respective addresses appearing upon the corporate records. Source: SL 1966, ch 111, ch 16, §18 (2).
SD Codified L § 58-5-57 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-57 - Reduction of capital of stock insurer--Disapproval by director, grounds.

58-5-57. Reduction of capital of stock insurer--Disapproval by director, grounds.If an amendment of articles of incorporation would reduce the authorized capital stock of a stock insurer below the amount thereof then outstanding, the director shall not approve the amendment if he has reason to believe that the interests of policyholders or creditors of the insurer would be materially prejudiced by such reduction. Source: SL 1966, ch 111, ch 16, §8 (2).
SD Codified L § 58-5-58 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-58 - Directors of domestic insurer--Number--Management of affairs of insurer.

58-5-58. Directors of domestic insurer--Number--Management of affairs of insurer.The affairs of every domestic insurer shall be managed by the number of directors fixed in the insurer's bylaws, which shall not be less than five nor more than twenty-one directors. Source: SL 1966, ch 111, ch 16, §21 (1).
SD Codified L § 58-5-59 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-59 - Election of directors of domestic insurer--Qualifications.

58-5-59. Election of directors of domestic insurer--Qualifications.Each director shall be elected from and by the members or stockholders of a domestic insurer. However, directors of a domestic insurer, which is wholly owned by one or more other corporations or other legal entities, need not be stockholders. A majority of the board of directors of a domestic insurer shall be citizens and actual bona fide residents of this state, but this requirement does not apply if the insurer is a member of an insurance holding company system and is controlled by a person who is not a resident of this state or whose principal place of business is outside this state. The provisions of this section do not apply to any insurer if in excess of one thousand persons are entitled to vote in its election of directors and a majority thereof reside outside of this state or if less than one percent of its shares outstanding are owned by residents of this state. Source: SL 1966, ch 111, ch 16, §21 (2); SL 1984, ch 324; SL 1985, ch 386; SL 2001, ch 270, §1.
SD Codified L § 58-5-60 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-60 - Directors of domestic insurer--Terms of office.

58-5-60. Directors of domestic insurer--Terms of office.The term of a director shall extend until his successor has been elected and has qualified. Source: SL 1966, ch 111, ch 16, §21 (3).
SD Codified L § 58-5-61 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-61 - Pecuniary interest of officer, director, committee member, or employee of domestic insurer in transactions with insurer prohibited--Misdemeanor.

58-5-61. Pecuniary interest of officer, director, committee member, or employee of domestic insurer in transactions with insurer prohibited--Misdemeanor.Any officer or director, or any member of any committee or an employee of a domestic insurer who is charged with the duty of investing or handling the insurer's funds:(1)Shall not deposit or invest such funds except in the insurer's corporate name;(2)Shall not borrow the funds of such insurer;(3)Shall not be pecuniarily interested in any loan, pledge of deposit, security, investments, sale, purchase, exchange, reinsurance, or other similar transaction or property of such insurer except as a stockholder or member;(4)Shall not take or receive to his own use any fee, brokerage, commission, gift, or other consideration for or on account of any such transaction made by or on behalf of such insurer.Violation of this section is a Class 2 misdemeanor. Source: SL 1966, ch 111, ch 16, §22 (1); SL 1978, ch 359, §2.
SD Codified L § 58-5-62 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-62 - Guarantee by insurer of any financial obligation of its officers, directors, stockholders, or members prohibited.

58-5-62. Guarantee by insurer of any financial obligation of its officers, directors, stockholders, or members prohibited.No insurer shall guarantee any financial obligation of any of its officers, directors, stockholders, or members. Source: SL 1966, ch 111, ch 16, §22 (2).
SD Codified L § 58-5-63 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-63 - Policy holding not a prohibited pecuniary interest.

58-5-63. Policy holding not a prohibited pecuniary interest.Sections 58-5-61 and 58-5-62 shall not prohibit such a director, officer, stockholder, or member of a committee or employee from becoming a policyholder of the insurer and enjoying the usual rights given to other policyholders. Source: SL 1966, ch 111, ch 16, §22 (3).
SD Codified L § 58-5-64 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-64 - Stock ownership not a prohibited pecuniary interest.

58-5-64. Stock ownership not a prohibited pecuniary interest.Any of the persons referred to in §§58-5-61 to 58-5-63, inclusive, shall not be deemed pecuniarily interested in any transaction with another corporation in which such person has no pecuniary interest other than ownership of stock or other securities issued by such corporation and representing a relatively trivial interest therein. Source: SL 1966, ch 111, ch 16, §22 (4).
SD Codified L § 58-5-65 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-65 - Other permitted pecuniary interest of director, officer, or employee of insurer.

58-5-65. Other permitted pecuniary interest of director, officer, or employee of insurer.The director of the Division of Insurance may, by regulations, define and permit additional exceptions to the prohibition contained in §58-5-61 solely to enable payment of reasonable compensation to a director, officer, or employee of the insurer, or to a corporation or firm in which a director, officer, or employee is interested, for necessary services performed or sales or purchases made to or for the insurer in the ordinary course of the insurer's business and in the usual private professional or business capacity of such director, officer, employee, or such corporation or firm. Source: SL 1966, ch 111, ch 16, §22 (5); SL 1974, ch 309.
SD Codified L § 58-5-66 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-66 - Compensation of officers and employees of domestic insurer.

58-5-66. Compensation of officers and employees of domestic insurer.No officer or employee of a domestic insurer shall be compensated unreasonably and the compensation of any director or officer of such insurer shall not be calculated, directly or indirectly, as a percentage of profits, premiums collected, or insurance written by the insurer without the approval of the director of the Division of Insurance. Source: SL 1966, ch 111, ch 16, §23 (3).
SD Codified L § 58-5-67 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-67 - Pensions to officers and directors of domestic insurers.

58-5-67. Pensions to officers and directors of domestic insurers.No domestic insurer shall grant any pension to any officer or director thereof, or to any member of his family after his death, except that such insurer may in pursuance of the terms of a retirement plan adopted by the board of directors of such insurer and approved by the director of the Division of Insurance provide for any person who is or has been a salaried officer or employee of such insurer, a pension payable at the time of his retirement by reason of age or disability, and also life insurance benefits payable at his death. Source: SL 1966, ch 111, ch 16, §23 (3).
SD Codified L § 58-5-68 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-68 - "Equity security" defined.

58-5-68. Equity security defined.The term "equity security" when used in §§58-5-69 to 58-5-78, inclusive, means any stock or similar security; or any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right; or any other security which the director of the Division of Insurance shall deem to be of similar nature and consider necessary or appropriate, by such rules and regulations as he may prescribe in the public interest or for the protection of investors, to treat as an equity security. Source: SL 1966, ch 111, ch 16, §27 (6).
SD Codified L § 58-5-69 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-69 - Statement of ownership of insurance company filed with director--Change of ownership, time for statement.

58-5-69. Statement of ownership of insurance company filed with director--Change of ownership, time for statement.Every person who is directly or indirectly the beneficial owner of more than ten percent of any class of any equity security of a domestic stock insurance company, or who is a director or an officer of such company, shall file in the office of the director of the Division of Insurance within ten days after he becomes such beneficial owner, director, or officer, a statement, in such form as the director may prescribe, of the amount of all equity securities of such company of which he is the beneficial owner. If there has been a change in ownership during any month, such person shall file within ten days after the end of such month in the office of the director a statement, in such form as the director may prescribe, indicating his ownership at the close of the calendar month and such changes in his ownership as have occurred during such calendar month. Source: SL 1966, ch 111, ch 16, §27 (1).
SD Codified L § 58-5-70 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-70 - Short sales by insider as misdemeanor--Delivery of securities sold, when required.

58-5-70. Short sales by insider as misdemeanor--Delivery of securities sold, when required.It shall be a Class 2 misdemeanor for any such beneficial owner, director, or officer, directly or indirectly, to sell any equity security of such company if the person selling the security or his principal:(1)Does not own the security sold; or(2)If owning the security, does not deliver it against such sale within twenty days thereafter, or does not within five days after such sale deposit it in the mails or other usual channels of transportation;but no person shall be deemed to have violated this section if he proves that notwithstanding the exercise of good faith he was unable to make such delivery or deposit within such time, or that to do so would cause undue inconvenience or expense. Source: SL 1966, ch 111, ch 16, §27 (3); SL 1978, ch 359, §2.
SD Codified L § 58-5-71 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-71 - Profits from insider security transactions accruing to company.

58-5-71. Profits from insider security transactions accruing to company.For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director, or officer by reason of his relationship to such company, any profit realized by him from any purchase and sale, or any sale and purchase, of any equity security of such company within any period of less than six months, unless such security was acquired in good faith in connection with a debt previously contracted, shall inure to and be recoverable by the company, irrespective of any intention on the part of such beneficial owner, director, or officer in entering into such transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six months. Source: SL 1966, ch 111, ch 16, §27 (2).
SD Codified L § 58-5-72 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-72 - Suit to recover insider profits accruing to company.

58-5-72. Suit to recover insider profits accruing to company.Suit to recover such profit may be instituted at law or in equity in any court of competent jurisdiction by the company, or by the owner of any security of the company in the name and in behalf of the company if the company shall fail or refuse to bring such suit within sixty days after request or shall fail diligently to prosecute the same thereafter; but no such suit shall be brought more than two years after the date such profit was realized. Source: SL 1966, ch 111, ch 16, §27 (2).
SD Codified L § 58-5-73 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-73 - Exemption from insider trading restrictions.

58-5-73. Exemption from insider trading restrictions.Sections 58-5-68 to 58-5-78, inclusive, shall not be construed to cover any transaction where such beneficial owner was not such both at the time of the purchase and sale, or the sale and purchase, of the security involved, or any transaction which the director of the Division of Insurance by rules and regulations may exempt as not comprehended within the purpose of said sections. Source: SL 1966, ch 111, ch 16, §27 (2).
SD Codified L § 58-5-74 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-74 - Registered and closely held securities exempt from insider trading restrictions.

58-5-74. Registered and closely held securities exempt from insider trading restrictions.The provisions of §§58-5-69 to 58-5-73, inclusive, shall not apply to equity securities of a domestic stock insurance company if:(1)Such securities shall be registered, or shall be required to be registered, pursuant to section 12 of the Securities Exchange Act of 1934, as amended, or if(2)Such domestic stock insurance company shall not have any class of its equity securities held of record by one hundred or more persons on the last business day of the year next preceding the year in which equity securities of the company would be subject to the provisions of §§58-5-69 to 58-5-73, inclusive, except for the provisions of this subdivision (2). Source: SL 1966, ch 111, ch 16, §27 (7).
SD Codified L § 58-5-75 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-75 - Brokers and market specialists exempt from insider trading restrictions.

58-5-75. Brokers and market specialists exempt from insider trading restrictions.The provisions of §§58-5-71 to 58-5-73, inclusive, shall not apply to any purchase and sale, or sale and purchase, and the provisions of §58-5-70 shall not apply to any sale of an equity security of a domestic stock insurance company not then or theretofore held by him in an investment account, by a dealer in the ordinary course of his business and incident to the establishment or maintenance by him of a primary or secondary market, otherwise than on an exchange as defined in the Securities Exchange Act of 1934, for such security. The director of the Division of Insurance may, by such rules and regulations as he deems necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market. Source: SL 1966, ch 111, ch 16, §27 (4).
SD Codified L § 58-5-76 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-76 - Arbitrage transactions exempt from insider trading restrictions.

58-5-76. Arbitrage transactions exempt from insider trading restrictions.The provisions of §§58-5-69 to 58-5-73, inclusive, shall not apply to foreign or domestic arbitrage transactions unless contrary to such rules and regulations as the insurance director may adopt in order to carry out the purpose of §§58-5-68 to 58-5-78, inclusive. Source: SL 1966, ch 111, ch 16, §27 (5).
SD Codified L § 58-5-77 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-77 - Rules and regulations on insider trading.

58-5-77. Rules and regulations on insider trading.The director of the Division of Insurance shall have the power to make such rules and regulations as may be necessary for the execution of the functions vested in him by §§58-5-68 to 58-5-76, inclusive, and may for such purpose classify domestic stock insurance companies, securities, and other persons or matters within his jurisdiction. Source: SL 1966, ch 111, ch 16, §27 (8).
SD Codified L § 58-5-78 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-78 - Nonliability for insider trading acts in good faith in conformity with rule or regulation.

58-5-78. Nonliability for insider trading acts in good faith in conformity with rule or regulation.No provision of §§58-5-69 to 58-5-73, inclusive, imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule or regulation of the insurance director, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or determined by judicial or other authority to be invalid for any reason. Source: SL 1966, ch 111, ch 16, §27 (8).
SD Codified L § 58-5-79 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-79 - Management of domestic insurers during national emergency--Continuity, means for facilitating.

58-5-79. Management of domestic insurers during national emergency--Continuity, means for facilitating.The specific purpose of §§58-5-80 to 58-5-84, inclusive, is to facilitate the continued operation of all domestic insurers in the event a national emergency makes it impossible or impracticable for an insurer to conduct its business in strict accord with applicable provisions of law, its bylaws, or its charter. Source: SL 1966, ch 111, ch 16, §43 (1).
SD Codified L § 58-5-80 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-80 - Bylaws to cover management during national emergency.

58-5-80. Bylaws to cover management during national emergency.The board of directors of any domestic insurer may at any time adopt emergency bylaws, subject to repeal or change by action of those having power to adopt regular bylaws for the insurer, which shall be operative during such a national emergency and which may, notwithstanding any different provisions of the regular bylaws, or of the applicable statutes, or of the insurer's charter, make any provision that may be reasonably necessary for the operation of the insurer during the period of such emergency. Source: SL 1966, ch 111, ch 16, §43 (2).
SD Codified L § 58-5-81 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-81 - Quorum of directors during national emergency--Filling vacancies in board.

58-5-81. Quorum of directors during national emergency--Filling vacancies in board.In the event that the board of directors of a domestic insurer has not adopted emergency bylaws, the following provisions shall become effective upon the occurrence of such a national emergency:(1)Three directors shall constitute a quorum for the transaction of business at all meetings of the board; and(2)Any vacancy in the board may be filled by a majority of the remaining directors, though less than a quorum, or by a sole remaining director. Source: SL 1966, ch 111, ch 16, §43 (3).
SD Codified L § 58-5-82 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-82 - Vice-presidents acting as directors during national emergency--Insufficient number of vice-presidents, appointment of directors by insurance director.

58-5-82. Vice-presidents acting as directors during national emergency--Insufficient number of vice-presidents, appointment of directors by insurance director.If there are no surviving directors, but at least three vice-presidents of the insurer survive, the three vice-presidents with the longest term of service shall be the directors and shall possess all of the powers of the previous board of directors and such powers as are granted herein or by subsequently enacted legislation. By majority vote such emergency board of directors may elect other directors. If there are not at least three surviving vice-presidents, the director of the Division of Insurance or duly designated person exercising the powers of the director shall appoint three persons as directors who shall possess all of the powers of the previous board of directors and such powers as are granted herein or by subsequently enacted legislation, and these persons by majority vote may elect other directors. Source: SL 1966, ch 111, ch 16, §43 (4).