reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-7 - Lands acquired in collection of debt or enforcement of claim exempt--Period allowed for disposition--Covenant runs with land.

47-9A-7. Lands acquired in collection of debt or enforcement of claim exempt--Period allowed for disposition--Covenant runs with land.
The restrictions of §§47-9A-1 and 47-9A-3 do not apply to agricultural lands acquired by a corporation by process of law in the collection of debts; or by any procedure for the enforcement of a lien or claim thereon, whether created by mortgage or otherwise. However, any land so acquired shall be disposed of within ten years after acquiring the title thereto. In addition, no land so acquired may be used for farming during the ten-year period except under a lease to a family farm unit, a family farm corporation or an authorized farm corporation. The aforementioned ten-year limitation period shall be deemed a covenant running with the title to the land against any corporate grantee or assignee or the successor of such corporation.
Source:
SL 1974, ch 294, §4 (9); SL 2004, ch 277, §5.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-8 - Agricultural land--Gift--Restrictions--Applicability.

47-9A-8. Agricultural land--Gift--Restrictions--Applicability.
The restrictions in §§47-9A-1 and 47-9A-3 do not apply to a gift of agricultural land, whether by grant or devise, to any nonprofit entity organized under the laws of this state and registered with the secretary of state.
Source:
SL 1974, ch 294, §4 (7); SL 2004, ch 277, §6; SL 2021, ch 193, § 1.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-9 - Farms, for scientific, medical, research, or experimental purposes exempt if sale of products incidental.

47-9A-9. Farms, for scientific, medical, research, or experimental purposes exempt if sale of products incidental.
The restrictions of §§47-9A-1 and 47-9A-3 do not apply to any entity that engages in farming primarily for scientific, medical, research, or experimental purposes. However, any commercial sales from such farming shall be incidental to the scientific, medical, research, or experimental objectives of the entity.
Source:
SL 1974, ch 294, §4 (4); SL 2004, ch 277, §7.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-10 - Raising breeding stock for resale exempt--Nurseries and seed farms.

47-9A-10. Raising breeding stock for resale exempt--Nurseries and seed farms.
The restrictions of §§47-9A-1 and 47-9A-3 do not apply to agricultural land operated by a corporation for the purpose of raising breeding stock for resale to farmers or operated for the purpose of growing seed, nursery plants, or sod.
Source:
SL 1974, ch 294, §4 (5); SL 2004, ch 277, §8.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-11 - Livestock feeding exempt.

47-9A-11. Livestock feeding exempt.
The restrictions of §§47-9A-1 and 47-9A-3 do not apply to agricultural lands acquired by a corporation solely for the purpose of feeding livestock.
Source:
SL 1974, ch 294, §4 (10); SL 2004, ch 277, §9.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-12 - Land acquired for nonfarming uses exempt--Acreage allowed--Restrictions on farming pending development.

47-9A-12. Land acquired for nonfarming uses exempt--Acreage allowed--Restrictions on farming pending development.
The restrictions of §§47-9A-1 and 47-9A-3 do not apply to agricultural land acquired by a corporation other than a family farm corporation or authorized farm corporation for immediate or potential use in nonfarming purposes. A corporation may hold such agricultural land in such acreage or such form of ownership as may be necessary to its nonfarm business operation. However, pending the development of agricultural land for nonfarm purposes, such land may not be used for farming except under lease to a family farm unit, a family farm corporation or an authorized farm corporation, or except when controlled through ownership, options, leaseholds or other agreements by a corporation which has entered into an agreement with the United States of America pursuant to the New Community Act of 1968, (Title IV of the Housing and Urban Development Act of 1968, 42 U.S.C. 3901-3914), as amended, or a subsidiary or assign of such a corporation.
Source:
SL 1974, ch 294, §4 (8); SL 2004, ch 277, §10.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-12.1 - Cement Plant Commission property used for nonfarming purposes.

47-9A-12.1. Cement Plant Commission property used for nonfarming purposes.
All real property owned or held by the State of South Dakota by and through the South Dakota State Cement Plant Commission as of December 28, 2000, is owned or held by it and its successors in title for immediate or potential use for nonfarming purposes and the real property is necessary for nonfarming business operations.
Source:
SL 2000 (SS), ch 4, §2.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-13 - Family farm and authorized farm corporations exempt.

47-9A-13. Family farm and authorized farm corporations exempt.
The restrictions of §§47-9A-1 and 47-9A-3 do not apply to a family farm corporation or an authorized farm corporation.
Source:
SL 1974, ch 294, §4 (2); SL 2004, ch 277, §11.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-13.2 - Pork production subject to same provisions as other operations.

47-9A-13.2. Pork production subject to same provisions as other operations.
The production of pork is subject to the same provisions which apply to livestock feeding, breeding stock, dairies, and poultry and egg operations under this chapter.
Source:
SL 2016, ch 220, §1.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-14 - Family farm corporation defined.

47-9A-14. Family farm corporation defined.
As used in this chapter, the term, family farm corporation, means any corporation founded for the purpose of farming and the ownership of agricultural land in which the majority of the voting stock is held by members of a family, an estate of a family member, or a trust that benefits members of the family, and at least one of whose stockholders is a person who is residing on or actively operating the farm or who has resided on or has actively operated the farm, and none of whose stockholders are corporations. Transfers of shares to persons who are or have been family members are qualified as a family member under this chapter.
Source:
SL 1974, ch 294, §3 (5); SL 1984, ch 298; SL 1985, ch 369; SL 1988, ch 371, §2; SL 2004, ch 276, §2.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-15 - Qualifications of authorized small farm corporation.

47-9A-15. Qualifications of authorized small farm corporation.
As used in this chapter, unless the context otherwise plainly requires, "authorized farm corporation" means a corporation whose shareholders do not exceed ten in number, whose shareholders are all natural persons or estates, whose shares are all of one class, and whose revenues from rent, royalties, dividends, interest, and annuities do not exceed twenty percent of its gross receipts.
Source:
SL 1974, ch 294, §3 (2).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-16 - Report required of corporation engaged in farming--Contents.

47-9A-16. Report required of corporation engaged in farming--Contents.
Every corporation engaged in farming or proposing to commence farming in this state shall file with the secretary of state a report containing:
(1)The information required by §59-11-6; and
(2)The acreage and location listed by section, township, and county of each lot or parcel of land in this state that is owned or leased by the corporation and used for the growing of crops or the keeping or feeding of poultry or livestock.
Source:
SL 1974, ch 294, §5; SL 2008, ch 275, §54.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-17 - Additional information for qualification as family or authorized farm corporation.

47-9A-17. Additional information for qualification as family or authorized farm corporation.
The report of a corporation seeking to qualify hereunder as a family farm corporation or an authorized farm corporation shall contain, in addition:
(1)The number of shares owned by persons residing on the farm or actively engaged in farming, or their relatives within the third degree of kindred;
(2)The name, address, and number of shares owned by each shareholder; and
(3)A statement as to percentage of gross receipts of the corporation derived from rent, royalties, dividends, interest, and annuities.
Source:
SL 1974, ch 294, §5.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-18 - Farming prohibited without certification by secretary of state.

47-9A-18. Farming prohibited without certification by secretary of state.
No corporation shall commence farming in this state until the secretary of state has inspected the report required by §47-9A-16 and certified that its proposed operations comply with the provisions of §§47-9A-16 and 47-9A-17.
Source:
SL 1974, ch 294, §5.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-20 - Corporation failing to file or filing false report--Civil fine.

47-9A-20. Corporation failing to file or filing false report--Civil fine.
Any corporation which fails to file any report required by this chapter or intentionally files false information on any report required by this chapter is subject to a civil fine of not more than one thousand dollars.
Source:
SL 1974, ch 294, §7; SL 1983, ch 15, §31; SL 1983, ch 331, §3.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-21 - Attorney general to prosecute violations--Order of court declaring violation.

47-9A-21. Attorney general to prosecute violations--Order of court declaring violation.
If the attorney general has reason to believe that a corporation is in violation of this chapter, he shall commence an action in the circuit court for the county in which any agricultural lands relative to such violation are situated, or if situated in two or more counties, in any county in which a substantial part of the lands are situated. If the court finds that the lands in question are being held in violation of this chapter, it shall enter an order so declaring.
Source:
SL 1974, ch 294, §8.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 09A - Corporate Farming Restrictions › Section 47-9A-22 - Recording of order--Divestiture within prescribed period--Covenant running with land--Public sale of lands not divested.

47-9A-22. Recording of order--Divestiture within prescribed period--Covenant running with land--Public sale of lands not divested.
The attorney general shall file any order under §47-9A-21 for record with the register of deeds of each county in which any portion of said lands are located. Thereafter, the corporation owning such land shall have a period of five years from the date of such order to divest itself of such lands. The aforementioned five-year limitation period shall be deemed a covenant running with the title to the land against any corporate grantee or assignee or the successor of such corporation. Any lands not so divested within the time prescribed shall be sold at public sale in the manner prescribed by order of the court.
Source:
SL 1974, ch 294, §8.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-1 - Purposes of corporations.

47-10-1. Purposes of corporations.
Corporations may be organized under this chapter to promote, assist, encourage, and through the cooperative efforts of the institutions and corporations which are members thereof, develop and advance the business prosperity and economy of the state to encourage new industries and to rehabilitate existing industries in the state; to promote and stimulate the expansion of South Dakota business ventures which tend to increase the growth and thrift of the state; to cooperate and act in conjunction with other organizations, the objects of which are the promotion of industrial, agricultural, and recreational developments within the state and to lend to approved and deserving applicants money for the carrying on and development of all kinds of business undertakings in the state, thereby establishing a medium of credit not otherwise readily available therefor.
Source:
SL 1957, ch 314, §2; SDC Supp 1960, §55.6002.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-2 - Powers of corporations.

47-10-2. Powers of corporations.
In furtherance of the purposes set forth in §47-10-1 and in addition to the powers conferred by the general laws relating to business corporations, any business development credit corporation shall, subject to the restrictions and limitations contained in this chapter, have the powers set forth in §§47-10-3 to 47-10-8, inclusive.
Source:
SL 1957, ch 314, §2; SDC Supp 1960, §55.6002.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-3 - Borrowing--Pledging security for borrowings.

47-10-3. Borrowing--Pledging security for borrowings.
Subject to §47-10-2, any business development credit corporation shall have the power to borrow money on secured or unsecured notes from any bank, savings and loan association, trust company, or insurance company which is a nonstockholder member of the corporation and from other nonmember persons, firms, or corporations; and to pledge bonds, notes, and other securities as collateral therefor.
Source:
SL 1957, ch 314, §2; SDC Supp 1960, §55.6002 (1).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-4 - Lending--Competition with lending institutions prohibited.

47-10-4. Lending--Competition with lending institutions prohibited.
Subject to §47-10-2, any business development credit corporation shall have the power to make secured or unsecured loans; but it is not the intention hereof to take from the lending institutions within the state any loans or commitments desired by such institutions generally in the ordinary course of their business.
Source:
SL 1957, ch 314, §2; SDC Supp 1960, §55.6002 (2).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-5 - Terms and conditions of loans.

47-10-5. Terms and conditions of loans.
Subject to §47-10-2, any business development credit corporation shall have the power to establish and regulate the terms and conditions of any loans under §47-10-4 and the charges for interest or service connected therewith.
Source:
SL 1957, ch 314, §2; SDC Supp 1960, §55.6002 (3).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-6 - Purchase and sale of property.

47-10-6. Purchase and sale of property.
Subject to §47-10-2, any business development credit corporation shall have the power to purchase, hold, lease, and otherwise acquire and to convey such real and personal estate as it may acquire in the satisfaction of debts, or pursuant to the terms and conditions of loans, or which it acquires in the foreclosure of mortgages thereon, or upon judgments for debt or in settlements to secure debts.
Source:
SL 1957, ch 314, §2; SDC Supp 1960, §55.6002 (4).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-7 - Promotion of local development corporations.

47-10-7. Promotion of local development corporations.
Subject to §47-10-2, any business development credit corporation shall have the power to promote the establishment of local industrial development corporations in the various communities of the state, to enter into agreements with them, and to cooperate with, assist and otherwise encourage such local foundations.
Source:
SL 1957, ch 314, §2; SDC Supp 1960, §55.6002 (5).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-8 - Participation in federal programs.

47-10-8. Participation in federal programs.
Subject to §47-10-2, any business development credit corporation shall have the power to participate with any duly authorized federal lending agency in the making of loans.
Source:
SL 1957, ch 314, §2; SDC Supp 1960, §55.6002 (6).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-9 - Lending--Duty to give first opportunity to lending institution.

47-10-9. Lending--Duty to give first opportunity to lending institution.
The corporation shall lend money only when credit is not elsewhere readily available. Before granting any loan, the board of directors or a committee thereof shall endeavor, so far as is reasonably possible, to ascertain that the first opportunity to grant such loan has been given to lending institutions which may desire such loans generally in the course of their business.
Source:
SL 1957, ch 314, §7; SDC Supp 1960, §55.6007.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-10 - Incorporators.

47-10-10. Incorporators.
Five or more natural persons of the age of twenty-one years or more, may act as incorporators by signing, acknowledging, filing, and recording articles of incorporation for a business development credit corporation.
Source:
SL 1957, ch 314, §1; SDC Supp 1960, §55.6001.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-11 - Directors--Number and term of office.

47-10-11. Directors--Number and term of office.
The corporate powers of any business development credit corporation shall be exercised by a board of directors. The number of directors and their term of office shall be determined in a manner prescribed in the bylaws. At no time shall there be less than five directors. The initial board of directors shall consist of the incorporators and they shall serve until the first annual meeting.
Source:
SL 1957, ch 314, §4; SDC Supp 1960, §55.6004.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-12 - Capitalization--Minimum capital before commencing business.

47-10-12. Capitalization--Minimum capital before commencing business.
At least twenty-five percent of the capital stock authorized in the articles of incorporation shall be paid into the treasury of the corporation in cash before the corporation shall be authorized to transact any business other than such as relates to its organization.
Source:
SL 1957, ch 314, §3; SDC Supp 1960, §55.6003.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-13 - Accumulation of surplus--Use of surplus.

47-10-13. Accumulation of surplus--Use of surplus.
Any business development credit corporation shall set apart as a surplus not less than ten percent of its net earnings each year until such surplus, with any unimpaired surplus paid in, shall amount to one-half of the capital stock. The surplus shall be kept to secure against losses and contingencies, and whenever it becomes impaired it shall be reimbursed in the manner provided for its accumulation.
Source:
SL 1957, ch 314, §6; SDC Supp 1960, §55.6006.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-14 - Persons authorized to hold common stock.

47-10-14. Persons authorized to hold common stock.
At least a majority of the common stock of a business development credit corporation shall at all times be held by residents of this state or by persons, firms, or corporations engaged in doing business therein. Common stock shall at all times be held by stockholder members who have their residences or principal places of business in not less than fifteen counties in this state.
Source:
SL 1957, ch 314, §3; SDC Supp 1960, §55.6003.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-15 - First annual meeting--Conditions--Subsequent annual meetings.

47-10-15. First annual meeting--Conditions--Subsequent annual meetings.
The first annual meeting of a business development credit corporation shall occur at a date to be fixed by the board of directors as soon as reasonably possible after a minimum of twenty-five percent of the capital stock of the corporation is paid into its treasury and a minimum of ten stockholder members of the corporation have qualified as provided in §47-10-16; and such annual meeting and subsequent annual meetings shall be called and the directors shall be elected in the manner provided in the bylaws.
Source:
SL 1957, ch 314, §4; SDC Supp 1960, §55.6004.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-16 - Classes of members--Stockholder members--Nonstockholder members.

47-10-16. Classes of members--Stockholder members--Nonstockholder members.
There shall be two classes of members in the corporation with voting rights specified in the articles of incorporation.
(1)Stockholder members include individuals, corporations, and organizations who qualify by the purchase of common stock.
(2)Nonstockholder members include banks, savings and loan associations, trust companies, and insurance companies who qualify by making application to lend funds to the corporation upon call.
Source:
SL 1957, ch 314, §5; SDC Supp 1960, §55.6005.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-17 - Nonstockholder members--Establishment of line of credit.

47-10-17. Nonstockholder members--Establishment of line of credit.
Each nonstockholder member of a business development credit corporation shall establish a line of credit to the corporation as determined in the articles of incorporation.
Source:
SL 1957, ch 314, §5; SDC Supp 1960, §55.6005 (2) (a).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-18 - Nonstockholder members--Duty to lend.

47-10-18. Nonstockholder members--Duty to lend.
All calls of funds which nonstockholder members of a business development credit corporation are committed to lend to the corporation shall be prorated by the corporation among the nonstockholder members in the same proportion that the individual lines of credit bear to the aggregate line of credit.
Source:
SL 1957, ch 314, §5; SDC Supp 1960, §55.6005 (2) (b).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-19 - Nonstockholder members--Right to withdraw--Conditions.

47-10-19. Nonstockholder members--Right to withdraw--Conditions.
Upon written notice given sixty days in advance, a nonstockholder member of a business development credit corporation may withdraw from such membership at the expiration date of such notice and after said expiration date shall cease to exercise any of the powers and privileges incidental to such membership and shall be free of any obligations in connection therewith except those obligations which have accrued or for which commitments have been made before said expiration date.
Source:
SL 1957, ch 314, §5; SDC Supp 1960, §55.6005 (2) (c).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-20 - Nonstockholder members--Liability for debts.

47-10-20. Nonstockholder members--Liability for debts.
Nonstockholder members of a business development credit corporation do not assume any liability for the debts of the corporation.
Source:
SL 1957, ch 314, §5; SDC Supp 1960, §55.6005 (2) (d).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-21 - Nonstockholder members--Right to share in surplus.

47-10-21. Nonstockholder members--Right to share in surplus.
Nonstockholder members of a business development credit corporation shall not share in any surplus of the corporation in excess of the obligations due such nonstockholder members.
Source:
SL 1957, ch 314, §5; SDC Supp 1960, §55.6005 (2) (e).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-22 - Nonstockholder members--Payment before dissolution of corporation.

47-10-22. Nonstockholder members--Payment before dissolution of corporation.
Upon dissolution of a corporation organized under this chapter, obligations due the nonstockholder members are to be paid in full before any payments are made to the stockholder members.
Source:
SL 1957, ch 314, §5; SDC Supp 1960, §55.6005 (2) (f).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-23 - Legal investments.

47-10-23. Legal investments.
Notwithstanding any other statute, the notes or other interest-bearing obligations of any corporation organized under this chapter, issued in accordance with this law and the articles of incorporation and bylaws of the corporation shall be legal investments for the banks, savings and loan associations, trust companies, and insurance companies who become members of the corporation.
Source:
SL 1957, ch 314, §9; SDC Supp 1960, §55.6009.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 10 - Business Development Credit Corporations › Section 47-10-24 - Applicability of other laws.

47-10-24. Applicability of other laws.
The provisions of §§47-1A-101 to 47-1A-863.3, inclusive, §§47-1A-1401 to 47-1A-1440, inclusive, and §§47-1A-1601 to 47-1A-1621.3, inclusive, shall apply to corporations incorporated under this chapter, insofar as they may be applicable and not inconsistent with this chapter.
Source:
SL 1957, ch 314, §8; SDC Supp 1960, §55.6008; SL 2005, ch 202, §3.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-1 - Medical corporations authorized--Formation and purposes--Number of stockholders, directors, and officers.

47-11-1. Medical corporations authorized--Formation and purposes--Number of stockholders, directors, and officers.
One or more persons licensed pursuant to chapter 36-4, hereinafter referred to as the Medical Practice Act, may associate to form a corporation pursuant to the provisions of law pertaining to private corporations to own, operate, and maintain an establishment for the study, diagnosis, and treatment of human ailments and injuries, whether physical or mental, and to promote medical, surgical, and scientific research and knowledge; and for any other purpose incident or necessary thereto; provided medical or surgical treatment, consultation, or advice may be given by employees of the corporation only if they are licensed pursuant to the Medical Practice Act. In any corporation formed under this chapter one or more persons may act as the sole stockholders, directors, or officers of such corporation.
Persons licensed pursuant to the Medical Practice Act and corporations formed under chapter 47-11, or any combination thereof, may form a limited liability company to own, operate, and maintain an establishment for the study, diagnosis, and treatment of human ailments and injuries, whether physical or mental, and to promote medical, surgical, and scientific research and knowledge; and for any other purpose incident thereto; provided medical or surgical treatment, consultation, or advice may be given by employees of the limited liability company only if they are licensed pursuant to the Medical Practice Act.
Source:
SL 1961, ch 29, §2; SL 1971, ch 258; SL 1993, ch 344, §39A; SL 1995, ch 255.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-1.1 - Definition of terms.

47-11-1.1. Definition of terms.
Terms used in this chapter mean:
(1)"Articles of incorporation," includes the articles of organization of a limited liability company;
(2)"Corporation," both corporations under the South Dakota Business Corporations Act and limited liability companies under the South Dakota Limited Liability Company Act;
(3)"Director" or "officer," includes any manager of a limited liability company or the members of a limited liability company that does not have managers;
(4)"Incorporation," includes the members of a limited liability company;
(5)"Shareholders," includes the members of a limited liability company;
(6)"Shares" or "stock," includes membership interests in a limited liability company.
Source:
SL 1993, ch 344, §39B.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-2 - Corporate name.

47-11-2. Corporate name.
A corporate name shall end with the word "chartered," or, the word "limited," or the abbreviation "Ltd.," or the words "professional association," or the abbreviation "P.C." or "PC". Corporations that were utilizing the designation "P.A." on July 1, 1974, but no others, may continue to use that designation. A limited liability company name shall include the word "professional limited liability company" or the abbreviation "Prof. L.L.C.", "Prof. LLC", "P.L.L. C.", or "PLLC".
Source:
SL 1961, ch 29, §4; SL 1963, ch 34, §1; SL 1974, ch 295, §1; SL 1993, ch 344, §39C; SL 2020, ch 197, § 1.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-3 - Medical license required for all officers, directors, and shareholders.

47-11-3. Medical license required for all officers, directors, and shareholders.
All of the officers, directors, and shareholders of a corporation subject to this chapter shall at all times be persons licensed pursuant to the Medical Practice Act. No person who is not so licensed shall have any part in the ownership or control of such corporation, nor may any proxy to vote any shares of such corporation be given to a person who is not so licensed.
Source:
SL 1961, ch 29, §14; SL 1963, ch 34, §2.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-3.1 - Revocable trust as shareholder--Conditions.

47-11-3.1. Revocable trust as shareholder--Conditions.
Notwithstanding any other provisions of this chapter, a revocable trust may be a shareholder in a corporation or limited liability company organized under this chapter, for so long as the grantor of the revocable trust is living and is eligible to be a shareholder of a corporation organized under this chapter. After the death of the grantor, the shares owned by a revocable trust are subject to any divestiture and redemption provisions of this chapter as if the shares were directly owned by the grantor of the trust.
Source:
SL 2002, ch 205, §1.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-4 - Death of shareholder--Computation of book value.

47-11-4. Death of shareholder--Computation of book value.
If the articles of incorporation or bylaws of a corporation subject to this chapter fail to state a price or method of determining a fixed price at which the corporation or its shareholders may purchase the shares of a deceased shareholder or a shareholder no longer qualified to own shares in the corporation, then the price for such shares shall be the book value as of the end of the month immediately preceding the death or disqualification of the shareholder. Book value shall be determined from the books and records of the corporation in accordance with the regular method of accounting used by the corporation.
Source:
SL 1961, ch 29, §17.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-5 - Contracts for personal services with licensed persons.

47-11-5. Contracts for personal services with licensed persons.
Notwithstanding any provision of statute to the contrary any medical corporation licensed under this chapter may enter into contracts for personal services with persons licensed pursuant to the Medical Practice Act for such duration as is agreed to between the parties.
Source:
SL 1961, ch 29, §14 as added by SL 1963, ch 34, §2.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-6 - Employees subject to Medical Practice Act.

47-11-6. Employees subject to Medical Practice Act.
Each individual employee licensed pursuant to the Medical Practice Act who is employed by a corporation subject to this chapter shall remain subject to reprimand or discipline for his conduct under the provisions of the Medical Practice Act.
Source:
SL 1961, ch 29, §16.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-7 - Certificate of registration required--Application for certificate--Contents.

47-11-7. Certificate of registration required--Application for certificate--Contents.
No corporation shall open, operate, or maintain an establishment for any of the purposes set forth in §47-11-1 without a certificate of registration from the Board of Medical and Osteopathic Examiners, hereinafter referred to as the board. Application for such registration shall be made to said board in writing and shall contain the name and address of the corporation and such other information as may be required by the board.
Source:
SL 1961, ch 29, §5.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-8 - Action on application--Conditions to issuance of certificate--Duration of certificate.

47-11-8. Action on application--Conditions to issuance of certificate--Duration of certificate.
Upon receipt of an application pursuant to §47-11-7, the Board of Medical and Osteopathic Examiners shall make an investigation of the corporation. If the board finds that the incorporators, officers, directors, and shareholders are each licensed pursuant to the Medical Practice Act and if no disciplinary action is pending before the board against any of them, and if it appears that the corporation will be conducted in compliance with law and the regulations of the board, the board shall issue, upon payment of a registration fee of fifty dollars, a certificate of registration which shall remain effective until January first following the date of such registration.
Source:
SL 1961, ch 29, §5.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-9 - Posting of certificate required.

47-11-9. Posting of certificate required.
The certificate of registration issued pursuant to §47-11-8 shall be conspicuously posted upon the premises to which it is applicable.
Source:
SL 1961, ch 29, §7.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-10 - Amending certificate upon change of location.

47-11-10. Amending certificate upon change of location.
In the event of a change of location of the registered establishment, the Board of Medical and Osteopathic Examiners, in accordance with its regulations, shall amend the certificate of registration so that it shall apply to the new location.
Source:
SL 1961, ch 29, §8.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-12 - Annual renewal of certificate--Conditions.

47-11-12. Annual renewal of certificate--Conditions.
Upon written application of the holder, accompanied by a fee of one hundred dollars, the Board of Medical and Osteopathic Examiners shall annually renew the certificate of registration if the board finds that the corporation has complied with its regulations and the provisions of this chapter.
Source:
SL 1961, ch 29, §6; SL 1999, ch 190, §4.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-13 - Suspension or revocation of certificate--Grounds.

47-11-13. Suspension or revocation of certificate--Grounds.
The Board of Medical and Osteopathic Examiners may suspend or revoke any certificate of registration issued under this chapter for any of the following reasons:
(1)The revocation or suspension of the license to practice medicine of any officer, director, shareholder, or employee not promptly removed or discharged by the corporation;
(2)Unethical professional conduct on the part of any officer, director, shareholder, or employee not promptly removed or discharged by the corporation;
(3)The death of the last remaining shareholder; or
(4)Upon finding that the holder of a certificate has failed to comply with the provisions of this chapter or the regulations prescribed by the board.
Source:
SL 1961, ch 29, §10.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-14 - Notice and hearing required--Contents of notice.

47-11-14. Notice and hearing required--Contents of notice.
Before any certificate of registration is suspended or revoked, the holder shall be given written notice of the proposed action and the reasons therefor, and shall be given a public hearing by the Board of Medical and Osteopathic Examiners with the right to produce testimony concerning the charges made. The notice shall also state the place and date of the hearing which shall be at least five days after service of said notice.
Source:
SL 1961, ch 29, §11.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-15 - Appeal from denial of certificate--Power of court on appeal.

47-11-15. Appeal from denial of certificate--Power of court on appeal.
Any corporation whose application for a certificate of registration has been denied or whose registration has been suspended or revoked may, within thirty days after notice of such action by the Board of Medical and Osteopathic Examiners, appeal to the circuit court for the county where such corporation has its principal place of business. The court shall inquire into the cause of the board's action and may affirm, or reverse such decision and order a further hearing by the board, or may order the board to grant appellant a certificate of registration.
Source:
SL 1961, ch 29, §12.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-16 - Service of notice of appeal.

47-11-16. Service of notice of appeal.
Notice of appeal shall be served upon any member of the Board of Medical and Osteopathic Examiners by leaving with such member, or at his usual place of abode, an attested copy thereof within thirty days after the board has notified the appellant of its decision.
Source:
SL 1961, ch 29, §13.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-17 - Physician-patient relationship unaffected.

47-11-17. Physician-patient relationship unaffected.
This chapter does not alter any law applicable to the relationship between a physician furnishing medical service and a person receiving such service, including liability arising out of such service.
Source:
SL 1961, ch 29, §15.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-18 - Private corporations law as applicable.

47-11-18. Private corporations law as applicable.
The provisions of the law governing private corporations shall be applicable to corporations formed under this chapter, including their organization, and they shall enjoy the powers and privileges and be subject to the duties, restrictions, and liabilities of other corporations, except so far as the same may be limited or enlarged by this chapter.
Source:
SL 1961, ch 29, §3.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11 - Medical Corporations › Section 47-11-19 - Severability and saving clause.

47-11-19. Severability and saving clause.
If any provision of this chapter or the application thereof to any person or circumstances is invalid, such invalidity shall not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are declared to be severable.
Source:
SL 1961, ch 29, §18.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11A - Chiropractic Corporations › Section 47-11A-1 - Formation of corporation and limited liability company authorized.

47-11A-1. Formation of corporation and limited liability company authorized.
One or more chiropractors may form professional service corporations for the practice of chiropractic under the South Dakota Business Corporation Act, as amended, providing that such corporations are organized and operated in accordance with the provisions of this chapter. The articles of incorporation of such corporations shall contain provisions complying with the requirements of §§47-11A-1 to 47-11A-12, inclusive.
Chiropractors may form professional limited liability companies under the South Dakota Limited Liability Company Act, as amended, providing that such limited liability companies are organized and operated in accordance with the provisions of this chapter. The articles of organization of such limited liability companies shall contain provisions complying with the requirements of §§47-11A-1 to 47-11A-12, inclusive.
Source:
SL 1970, ch 258, §1; SL 1993, ch 344, §39D.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11A - Chiropractic Corporations › Section 47-11A-1.1 - Definition of terms.

47-11A-1.1. Definition of terms.
Terms used in this chapter mean:
(1)"Articles of incorporation," includes the articles of organization of a limited liability company;
(2)"Corporation," both corporations under the South Dakota Business Corporations Act and limited liability companies under the South Dakota Limited Liability Company Act;
(3)"Director" or "officer," includes any manager of a limited liability company or the members of a limited liability company that does not have managers;
(4)"Incorporation," includes the members of a limited liability company;
(5)"Shareholders," includes the members of a limited liability company;
(6)"Shares" or "stock," includes membership interests in a limited liability company.
Source:
SL 1993, ch 344, §39E.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11A - Chiropractic Corporations › Section 47-11A-2 - Purpose of corporation.

47-11A-2. Purpose of corporation.
A corporation formed under §47-11A-1 shall be organized solely for the purpose of conducting the practice of chiropractic only through persons qualified to practice chiropractic in the State of South Dakota.
Source:
SL 1970, ch 258, §1 (2).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11A - Chiropractic Corporations › Section 47-11A-3 - Powers and privileges restricted to corporate purpose.

47-11A-3. Powers and privileges restricted to corporate purpose.
A corporation formed under §47-11A-1 may exercise the powers and privileges conferred upon corporations by the laws of the State of South Dakota only in furtherance of and subject to its corporate purpose.
Source:
SL 1970, ch 258, §1 (3).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11A - Chiropractic Corporations › Section 47-11A-4 - Words or abbreviations required in corporate name--Ethical standards.

47-11A-4. Words or abbreviations required in corporate name--Ethical standards.
The name of a corporation formed under §47-11A-1 shall contain the words "professional company" or "professional corporation" or abbreviations thereof, such as "Prof. Co.," "Prof. Corp.", "P.C.", or "PC". The name of a limited liability company formed under §47-11A-1 shall contain the words "professional limited liability company" or the abbreviation "Prof. L.L.C.", "Prof. LLC", "P.L.L.C.", or "PLLC". In addition, the name of the corporation or limited liability company shall always meet the ethical standards established for the names of chiropractic firms by the canons of professional ethics of the South Dakota Chiropractors Association as if all the stockholders of the corporation or members of the limited liability company were partners.
Source:
SL 1970, ch 258, §1 (1); SL 1993, ch 344, §39F; SL 2020, ch 197, § 2.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11A - Chiropractic Corporations › Section 47-11A-5 - Shareholding restricted to licensed chiropractors--Active practice required.

47-11A-5. Shareholding restricted to licensed chiropractors--Active practice required.
All shareholders of a corporation formed under §47-11A-1 shall be persons duly licensed by the Board of Chiropractic Examiners of the State of South Dakota to practice chiropractic in the State of South Dakota, and who at all times own their shares in their own right. They shall be individuals who, except for illness, accident, time spent in the armed services, on vacations, and on leaves of absence not to exceed one year, are actively engaged in the practice of chiropractic in the offices of the corporation.
Source:
SL 1970, ch 258, §1 (4).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11A - Chiropractic Corporations › Section 47-11A-5.1 - Revocable trust as shareholder--Conditions.

47-11A-5.1. Revocable trust as shareholder--Conditions.
Notwithstanding any other provisions of this chapter, a revocable trust may be a shareholder in a corporation or limited liability company organized under this chapter, for so long as the grantor of the revocable trust is living and is eligible to be a shareholder of a corporation organized under this chapter. After the death of the grantor, the shares owned by a revocable trust are subject to any divestiture and redemption provisions of this chapter as if the shares were directly owned by the grantor of the trust.
Source:
SL 2002, ch 205, §2.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11A - Chiropractic Corporations › Section 47-11A-6 - Disposition of shares when shareholder no longer eligible.

47-11A-6. Disposition of shares when shareholder no longer eligible.
Provisions shall be made requiring any shareholder of a corporation formed under §47-11A-1 who ceases to be eligible to be a shareholder to dispose of all his shares forthwith either to the corporation or to any person having the qualifications prescribed in §47-11A-5.
Source:
SL 1970, ch 258, §1 (5).
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 11A - Chiropractic Corporations › Section 47-11A-7 - Qualifications of president, directors, and officers.

47-11A-7. Qualifications of president, directors, and officers.
The president of a corporation formed under §47-11A-1 shall be a shareholder and a director, and to the extent possible all other directors and officers shall be persons having the qualifications prescribed in §47-11A-5. Lay directors and officers shall not exercise any authority whatsoever over professional matters.
Source:
SL 1970, ch 258, §1 (6).