reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 29 - Cemetery Corporations › Section 47-29-23 - Distribution of proceeds from sale of cemetery lots--Use in care of cemetery--Expenses--Profit prohibited.

47-29-23. Distribution of proceeds from sale of cemetery lots--Use in care of cemetery--Expenses--Profit prohibited.
The proceeds arising from the sale or resale by a cemetery corporation of lots, after deducting expenses of purchasing, inclosing, laying out, and improving the ground and of erecting buildings, shall be exclusively applied, appropriated, and used in protecting, preserving, improving, and embellishing the cemetery and its appurtenances; in the preservation, care, and marking of abandoned or neglected graves and in the repairing of monuments or gravestones thereon; and paying the necessary expenses of the corporation; and must not be appropriated to any purpose of profit to the corporation or its members.
Source:
SDC 1939, §11.1910.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 29 - Cemetery Corporations › Section 47-29-24 - Percentage of proceeds used to pay debts.

47-29-24. Percentage of proceeds used to pay debts.
At least fifty percent of the gross proceeds of sales of lots or graves must be applied as often as every six months to the payment of the debts and obligations of the cemetery corporation.
Source:
SDC 1939, §11.1910.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 29 - Cemetery Corporations › Section 47-29-25 - Cemetery property as exempt from taxation and local assessments--Appropriation for state highway purposes of unused lands.

47-29-25. Cemetery property as exempt from taxation and local assessments--Appropriation for state highway purposes of unused lands.
All the property of every cemetery corporation and the lots sold by it to individual proprietors shall be exempt from taxation, assessment, lien, attachment, and from levy and sale upon execution and all such real property shall be exempt from appropriation for streets, roads, or any other public uses or purposes, except that the State Department of Transportation may appropriate real property necessary for highway construction from real property owned by cemetery corporations no portion of which has at the time of the commencement of the condemnation action been used for burial purposes.
Source:
SDC 1939, §11.1911; SL 1963, ch 32, §1; SL 1964, ch 19, §1.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 29 - Cemetery Corporations › Section 47-29-26 - Validation of previous cemetery lot deeds.

47-29-26. Validation of previous cemetery lot deeds.
All instruments of conveyance of real property, lots, or parts of lots made by any cemetery corporation prior to January 1, 1994, are, notwithstanding any omission, irregularity, or defect in such instruments and the proceedings, resolutions, and other actions had and taken by such cemetery corporation to sell, exchange, transfer, and convey the same, hereby validated, legalized, and cured to the extent that such conveyance shall operate to convey and transfer title to the person or persons named as grantee or grantees in such instruments of conveyance all the right, title, and interest of said cemetery corporation in and to such real property, lots, or parts of lots.
Source:
SL 1957, ch 507; SDC Supp 1960, §65.0339; SL 1994, ch 348, §2.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 30 - Corporate Frauds And Mismanagement › Section 47-30-1 - Fraudulent subscription agreement--Misdemeanor.

47-30-1. Fraudulent subscription agreement--Misdemeanor.
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;
is guilty of a Class 2 misdemeanor.
Source:
SDC 1939, §13.4307; SL 1983, ch 15, §47.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 30 - Corporate Frauds And Mismanagement › Section 47-30-2 - Fraudulent deception of public officer in connection with issuance of stock--Felony.

47-30-2. Fraudulent deception of public officer in connection with issuance of stock--Felony.
Every officer, agent, or clerk of any corporation, or of any persons proposing to organize a corporation or to increase the capital stock of any corporation, who knowingly exhibits any false, forged, or altered book, paper, voucher, security, or other instrument of evidence to any public officer or board authorized by law to examine the organization of such corporation, or to investigate its affairs, or to allow an increase of its capital, with intent to deceive such officer or board in respect thereto, is guilty of a Class 4 felony.
Source:
SDC 1939, §13.4306; SL 1991, ch 186, §54.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 30 - Corporate Frauds And Mismanagement › Section 47-30-3 - Fraudulent prospectus or report--Felony.

47-30-3. Fraudulent prospectus or report--Felony.
Any officer of a corporation existing under the laws of this state or transacting business here, or any person holding himself out as such an officer, who, knowingly and with intent to defraud any person or the public generally, subscribes, endorses, verifies, or otherwise assents to the issuing or publishing of any report, prospectus, or statement concerning the condition, business, or prospects of the corporation, calculated to give to the shares of stock of such corporation either a greater or less apparent value than they really possess, is guilty of a Class 6 felony.
Source:
SDC 1939, §13.4308; SL 1983, ch 15, §48.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 30 - Corporate Frauds And Mismanagement › Section 47-30-4 - Receipt of corporate property without proper accounting entry as theft.

47-30-4. Receipt of corporate property without proper accounting entry as theft.
Any director, officer, or agent of a corporation, who knowingly receives or possesses property of the corporation, otherwise than in payment of a just demand, and who, with intent to defraud, omits to make or cause to be made a full and true entry thereof in the books or accounts of the corporation, is guilty of a theft.
Source:
SDC 1939, §13.4311; SL 1983, ch 15, §49.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 30 - Corporate Frauds And Mismanagement › Section 47-30-5 - Fraudulent corporate insolvency--Participating directors--Misdemeanor.

47-30-5. Fraudulent corporate insolvency--Participating directors--Misdemeanor.
Every insolvency of a corporation is deemed fraudulent unless its affairs appear, upon investigation, to have been administered fairly and legally, and generally with the same care and diligence that agents receiving a compensation for their services are bound by law to observe. In every case of a fraudulent insolvency of a corporation, every director thereof who participated in such fraud, if no other punishment is prescribed therefor, is guilty of a Class 2 misdemeanor.
Source:
SDC 1939, §13.4314; SL 1983, ch 15, §50.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 30 - Corporate Frauds And Mismanagement › Section 47-30-6 - Fraudulent mutilation or falsification of corporate books as felony.

47-30-6. Fraudulent mutilation or falsification of corporate books as felony.
Any director, officer, agent, or member of a corporation, who, with intent to defraud, destroys, alters, mutilates, or falsifies any of the books, papers, writings, or securities belonging to the corporation, or makes or concurs in making any false entry, or omits or concurs in omitting to make any material entry in a book of accounts, or other record or document kept by the corporation, is guilty of a Class 4 felony.
Source:
SDC 1939, §13.4312; SL 1983, ch 15, §51.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 30 - Corporate Frauds And Mismanagement › Section 47-30-7 - Refusal to permit stockholder access to books--Misdemeanor.

47-30-7. Refusal to permit stockholder access to books--Misdemeanor.
Any officer or agent of a corporation having or keeping an office within this state, who has in his custody or control any book, paper, or document of the corporation, and who refuses to give to a stockholder or member of the corporation, lawfully demanding, during office hours, to inspect or take a copy of the same, or any part thereof, a reasonable opportunity so to do, is guilty of a Class 2 misdemeanor.
Source:
SDC 1939, §13.4313; SL 1983, ch 15, §52.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 30 - Corporate Frauds And Mismanagement › Section 47-30-8 - Unauthorized use of another's name in corporate publications--Misdemeanor.

47-30-8. Unauthorized use of another's name in corporate publications--Misdemeanor.
Any person who, without being authorized so to do, subscribes the name of another to, or inserts the name of another in, a prospectus, circular, or other advertisement or announcement of a corporation or joint stock association, existing or intended to be formed, with intent to permit it to be published, and thereby to lead persons to believe that the person whose name is so subscribed is an officer, agent, member, or promoter of the corporation or association, is guilty of a Class 2 misdemeanor.
Source:
SDC 1939, §13.4310; SL 1983, ch 15, §53.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 30 - Corporate Frauds And Mismanagement › Section 47-30-9 - Participation in false report or refusing to make report as misdemeanor.

47-30-9. Participation in false report or refusing to make report as misdemeanor.
Except as otherwise specially provided, any director, officer, or agent of a corporation who knowingly concurs in making or publishing a written report, exhibit, or statement of its affairs or pecuniary condition, containing a material statement which is false, or who intentionally refuses or neglects to make or deliver a written report, exhibit, or statement required by law, is guilty of a Class 2 misdemeanor.
Source:
SDC 1939, §13.4309; SL 1983, ch 15, §54.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 30 - Corporate Frauds And Mismanagement › Section 47-30-10 - Director's liability for failure to perform duties--Misdemeanor.

47-30-10. Director's liability for failure to perform duties--Misdemeanor.
Any director of a corporation who intentionally does an act, as director, which is expressly forbidden by law, or intentionally omits to perform a duty expressly imposed upon him as director, by law, the punishment for which act or omission is not otherwise prescribed, is guilty of a Class 2 misdemeanor.
Source:
SDC 1939, §13.4315; SL 1983, ch 15, §55.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 30 - Corporate Frauds And Mismanagement › Section 47-30-11 - Director deemed to possess knowledge.

47-30-11. Director deemed to possess knowledge.
Every director of a corporation is deemed to possess such a knowledge of the affairs of his corporation as to enable him to determine whether any act, proceeding, or omission of its directors, is a violation of this chapter.
Source:
SDC 1939, §13.4316.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 30 - Corporate Frauds And Mismanagement › Section 47-30-12 - Presence of director at meeting as concurrence--Written dissent--Procedure.

47-30-12. Presence of director at meeting as concurrence--Written dissent--Procedure.
Every director of a corporation, who is present at a meeting of the directors at which any act, proceeding, or omission of such directors in violation of this chapter occurs, is deemed to have concurred therein, unless he at the time causes, or in writing requires, his dissent therefrom to be entered in the minutes of the directors, or if absent from such meeting and the record of such violation appears on the record or minutes of the board of directors and he remains a director for six months thereafter without causing, or in writing requiring his dissent from such violation to be entered in the minutes of the directors.
Source:
SDC 1939, §13.4316.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 30 - Corporate Frauds And Mismanagement › Section 47-30-13 - Definition of director.

47-30-13. Definition of director.
The term "director," as used in this chapter, embraces any of the persons having by law the direction or management of the affairs of a corporation, by whatever name such persons are described in its charter, or known by law.
Source:
SDC 1939, §13.4316.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 30 - Corporate Frauds And Mismanagement › Section 47-30-14 - Foreign incorporation no defense.

47-30-14. Foreign incorporation no defense.
It is no defense to a prosecution for a violation of the provisions of this chapter that the corporation was one created by the laws of another state, government, or country, if it was one carrying on business, or keeping an officer therefor, within this state.
Source:
SDC 1939, §13.4305.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-103 - References to federal statutes.

47-31B-103.References to federal statutes.
Securities Act of 1933 (15 U.S.C. §77a et seq.), Securities Exchange Act of 1934 (15 U.S.C. §78a et seq.), Public Utility Holding Company Act of 1935 (15 U.S.C. §79 et seq.), Investment Company Act of 1940 (15 U.S. C. §80a-1 et seq.), Investment Advisers Act of 1940 (15 U.S.C. §80b-1 et seq.), Employee Retirement Income Security Act of 1974 (29 U.S.C. §1001 et seq.), National Housing Act (12 U.S.C. §1701 et seq.), Commodity Exchange Act (7 U.S.C. §1 et seq.), Internal Revenue Code (26 U.S.C. §1 et seq. ), Securities Investor Protection Act of 1970 (15 U.S.C. §78aaa et seq.), Securities Litigation Uniform Standards Act of 1998 (112 Stat. 3227), Small Business Investment Act of 1958 (15 U.S.C. §661 et seq.), and Electronic Signatures in Global and National Commerce Act (15 U.S.C. §7001 et seq.) mean those statutes and the rules and regulations adopted under those statutes, as in effect July 1, 2004, or as later amended.
Source:
SL 2004, ch 278, §3.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-104 - References to federal agencies.

47-31B-104. References to federal agencies.
A reference in this chapter to an agency or department of the United States is also a reference to a successor agency or department.
Source:
SL 2004, ch 278, §4.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-105 - Electronic records and signatures.

47-31B-105.Electronic records and signatures.
This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, but does not modify, limit, or supersede Section 101(c) of that act (15 U.S.C. §7001(c)) or authorize electronic delivery of any of the notices described in Section 103(b) of that act (15 U.S.C. §7003(b)). This chapter authorizes the filing of records and signatures, when specified by provisions of this chapter or by a rule adopted or order issued under this chapter, in a manner consistent with Section 104(a) of that act (15 U.S. C. §7004(a)).
Source:
SL 2004, ch 278, §5.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-203 - Additional exemptions and waivers.

47-31B-203. Additional exemptions and waivers.
A rule adopted or order issued under this chapter may exempt a security, transaction, or offer; a rule under this chapter may exempt a class of securities, transactions, or offers from any or all of the requirements of §§47-31B-301 through 47-31B-306 and 47-31B-504; and an order under this chapter may waive, in whole or in part, any or all of the conditions for an exemption or offer under §§47-31B-201 and 47-31B-202. A filing required by rules adopted pursuant to this section shall include a fee of two hundred dollars, unless a fee is otherwise identified in this chapter.
Source:
SL 2004, ch 278, §8.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-204 - Denial, suspension, revocation, condition, or limitation of exemptions.

47-31B-204. Denial, suspension, revocation, condition, or limitation of exemptions.
(a) Enforcement related powers. Except with respect to a federal covered security or a transaction involving a federal covered security, an order under this chapter may deny, suspend application of, condition, limit, or revoke an exemption created under §47-31B-201(3)(C), (7), or (8) or 47-31B-202 or an exemption or waiver created under §47-31B-203 with respect to a specific security, transaction, or offer. An order under this section may be issued only pursuant to the procedures in §47-31B-306(d) or 47-31B-604 and only prospectively.
(b) Knowledge of order required. A person does not violate §47-31B-301, 47-31B-303 through 47-31B-306, 47-31B-504, or 47-31B-510 by an offer to sell, offer to purchase, sale, or purchase effected after the entry of an order issued under this section if the person did not know, and in the exercise of reasonable care could not have known, of the order.
Source:
SL 2004, ch 278, §9.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-301 - Securities registration requirement.

47-31B-301. Securities registration requirement.
It is unlawful for a person to offer or sell a security in this state unless:
(1)The security is a federal covered security;
(2)The security, transaction, or offer is exempted from registration under §§47-31B-201 through 47-31B-203; or
(3)The security is registered under this chapter.
Source:
SL 2004, ch 278, §10.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-307 - Waiver and modification.

47-31B-307. Waiver and modification.
The director may waive or modify, in whole or in part, any or all of the requirements of §§47-31B-302, 47-31B-303, and 47-31B-304(b) or the requirement of any information or record in a registration statement or in a periodic report filed pursuant to §47-31B-305(h).
Source:
SL 2004, ch 278, §16.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-403 - Investment adviser registration and exemptions.

47-31B-403. Investment adviser registration and exemptions.
(a) Registration requirement. It is unlawful for a person to transact business in this state as an investment adviser unless the person is registered under this chapter as an investment adviser or is exempt from registration as an investment adviser under subsection (b).
(b) Exemptions from registration. The following persons are exempt from the registration requirement of subsection (a):
(1)A person without a place of business in this state that is registered under the securities act of the state in which the person has its principal place of business if its only clients in this state are:
(A)Federal covered investment advisers, investment advisers registered under this chapter, or broker-dealers registered under this chapter;
(B)Institutional investors;
(C)Bona fide preexisting clients whose principal places of residence are not in this state if the investment adviser is registered under the securities act of the state in which the clients maintain principal places of residence; or
(D)Any other client exempted by rule adopted or order issued under this chapter;
(2)A person without a place of business in this state if the person has had, during the preceding twelve months, not more than five clients that are resident in this state in addition to those specified under paragraph (1); or
(3)Any other person exempted by rule adopted or order issued under this chapter.
(c) Limits on employment or association. It is unlawful for an investment adviser, directly or indirectly, to employ or associate with an individual to engage in an activity related to investment advice in this state if the registration of the individual is suspended or revoked or the individual is barred from employment or association with an investment adviser, federal covered investment adviser, or broker-dealer by an order under this chapter, the Securities and Exchange Commission, or a self-regulatory organization, unless the investment adviser did not know, and in the exercise of reasonable care could not have known, of the suspension, revocation, or bar. Upon request from the investment adviser and for good cause, the director, by order, may waive, in whole or in part, the application of the prohibitions of this subsection to the investment adviser.
(d) Investment adviser representative registration required. It is unlawful for an investment adviser to employ or associate with an individual required to be registered under this chapter as an investment adviser representative who transacts business in this state on behalf of the investment adviser unless the individual is registered under §47-31B-404(a) or is exempt from registration under §47-31B-404(b).
Source:
SL 2004, ch 278, §19.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-405 - Federal covered investment adviser notice filing requirement.

47-31B-405. Federal covered investment adviser notice filing requirement.
(a) Notice filing requirement. Except with respect to a federal covered investment adviser described in subsection (b), it is unlawful for a federal covered investment adviser to transact business in this state as a federal covered investment adviser unless the federal covered investment adviser complies with subsection (c).
(b) Notice filing requirement not required. The following federal covered investment advisers are not required to comply with subsection (c):
(1)A federal covered investment adviser without a place of business in this state if its only clients in this state are:
(A)Federal covered investment advisers, investment advisers registered under this chapter, and broker-dealers registered under this chapter;
(B)Institutional investors;
(C)Bona fide preexisting clients whose principal places of residence are not in this state; or
(D)Other clients specified by rule adopted or order issued under this chapter;
(2)A federal covered investment adviser without a place of business in this state if the person has had, during the preceding twelve months, not more than five clients that are resident in this state in addition to those specified under paragraph (1); and
(3)Any other person excluded by rule adopted or order issued under this chapter.
(c) Notice filing procedure. A person acting as a federal covered investment adviser, not excluded under subsection (b), shall file a notice, a consent to service of process complying with §47-31B-611, and such records as have been filed with the Securities and Exchange Commission under the Investment Advisers Act of 1940 required by rule adopted or order issued under this chapter and pay the fees specified in §47-31B-410(e).
(d) Effectiveness of filing. The notice under subsection (c) becomes effective upon its filing.
Source:
SL 2004, ch 278, §21.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-406 - Registration by broker-dealer, agent, investment adviser, and investment adviser representative.

47-31B-406. Registration by broker-dealer, agent, investment adviser, and investment adviser representative.
(a) Application for initial registration. A person shall register as a broker-dealer, agent, investment adviser, or investment adviser representative by filing an application and a consent to service of process complying with §47-31B-611, and paying the fee specified in §47-31B-410 and any reasonable fees charged by the designee of the director for processing the filing. The application must contain:
(1)The information or record required for the filing of a uniform application; and
(2)Upon request by the director, any other financial or other information or record that the director determines is appropriate.
(b) Amendment. If the information or record contained in an application filed under subsection (a) is or becomes inaccurate or incomplete in a material respect, the registrant shall promptly file a correcting amendment.
(c) Effectiveness of registration. If an order is not in effect and a proceeding is not pending under §47-31B-412, registration becomes effective at noon on the forty-fifth day after a completed application is filed, unless the registration is denied. A rule adopted or order issued under this chapter may set an earlier effective date or may defer the effective date until noon on the forty-fifth day after the filing of any amendment completing the application.
(d) Registration renewal. A registration is effective until midnight on December thirty-first of the year for which the application for registration is filed. Unless an order is in effect under §47-31B-412, a registration may be automatically renewed each year by filing such records as are required by rule adopted or order issued under this chapter, by paying the fee specified in §47-31B-410, and by paying costs charged by the designee of the director for processing the filings.
(e) Additional conditions or waivers. A rule adopted or order issued under this chapter may impose such other conditions, not inconsistent with the National Securities Markets Improvement Act of 1996. An order issued under this chapter may waive, in whole or in part, specific requirements in connection with registration as are in the public interest and for the protection of investors.
Source:
SL 2004, ch 278, §22.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-407 - Succession and change in registration of broker-dealer or investment advisor.

47-31B-407. Succession and change in registration of broker-dealer or investment advisor.
(a) Succession. A broker-dealer or investment adviser may succeed to the current registration of another broker-dealer or investment adviser or a notice filing of a federal covered investment adviser, and a federal covered investment adviser may succeed to the current registration of an investment adviser or notice filing of another federal covered investment adviser, by filing as a successor an application for registration pursuant to §47-31B-401 or 47-31B-403 or a notice pursuant to §47-31B-405 for the unexpired portion of the current registration or notice filing.
(b) Organizational change. A broker-dealer or investment adviser that changes its form of organization or state of incorporation or organization may continue its registration by filing an amendment to its registration if the change does not involve a material change in its financial condition or management. The amendment becomes effective when filed or on a date designated by the registrant in its filing. The new organization is a successor to the original registrant for the purposes of this chapter. If there is a material change in financial condition or management, the broker-dealer or investment adviser shall file a new application for registration. A predecessor registered under this chapter shall stop conducting its securities business other than winding down transactions and shall file for withdrawal of broker-dealer or investment adviser registration within forty-five days after filing its amendment to effect succession.
(c) Name change. A broker-dealer or investment adviser that changes its name may continue its registration by filing an amendment to its registration. The amendment becomes effective when filed or on a date designated by the registrant.
(d) Change of control. A change of control of a broker-dealer or investment adviser may be made in accordance with a rule adopted or order issued under this chapter.
Source:
SL 2004, ch 278, §23.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-409 - Withdrawal of registration of broker-dealer, agent, investment adviser, and investment adviser representative.

47-31B-409. Withdrawal of registration of broker-dealer, agent, investment adviser, and investment adviser representative.
Withdrawal of registration by a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective sixty days after the filing of the application to withdraw or within any shorter period as provided by rule adopted or order issued under this chapter unless a revocation or suspension proceeding is pending when the application is filed. If a proceeding is pending, withdrawal becomes effective when and upon such conditions as required by rule adopted or order issued under this chapter. The director may institute a revocation or suspension proceeding under §47-31B-412 within one year after the withdrawal became effective automatically and issue a revocation or suspension order as of the last date on which registration was effective if a proceeding is not pending.
Source:
SL 2004, ch 278, §25.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-410 - Filing fees.

47-31B-410. Filing fees.
(a) Broker-dealers. A person shall pay a fee of one hundred fifty dollars when initially filing an application for registration as a broker-dealer and a fee of one hundred fifty dollars when filing a renewal of registration as a broker-dealer. If the filing results in a denial or withdrawal, the director shall retain the fee.
(b) Agents. The fee for an individual is one hundred twenty five dollars when filing an application for registration as an agent, a fee of one hundred twenty five dollars when filing a renewal of registration as an agent, and a fee of one hundred twenty five dollars when filing for a change of registration as an agent. If the filing results in a denial or withdrawal, the director shall retain the fee.
(c) Investment advisers. A person shall pay a fee of one hundred dollars when filing an application for registration as an investment adviser and a fee of one hundred dollars when filing a renewal of registration as an investment adviser. If the filing results in a denial or withdrawal, the director shall retain the fee.
(d) Investment adviser representatives. The fee for an individual is fifty dollars when filing an application for registration as an investment adviser representative, a fee of fifty dollars when filing a renewal of registration as an investment adviser representative, and a fee of fifty dollars when filing a change of registration as an investment adviser representative. If the filing results in a denial or withdrawal, the director shall retain the fee.
(e) Federal covered investment advisers. A federal covered investment adviser required to file a notice under §47-31B-405 shall pay an initial fee of two hundred dollars and an annual notice fee of two hundred dollars.
(f) Payment. A person required to pay a filing or notice fee under this section may transmit the fee through or to a designee as a rule or order provides under this chapter.
Source:
SL 2004, ch 278, §26.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-501 - General fraud.

47-31B-501. General fraud.
It is unlawful for a person, in connection with the offer, sale, or purchase of a security, directly or indirectly:
(1)To employ a device, scheme, or artifice to defraud;
(2)To make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or
(3)To engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person.
Source:
SL 2004, ch 278, §29.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-502 - Prohibited conduct in providing investment advice.

47-31B-502. Prohibited conduct in providing investment advice.
(a) Fraud in providing investment advice. It is unlawful for a person that advises others for compensation, either directly or indirectly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation and as part of a regular business, issues or promulgates analyses or reports relating to securities:
(1)To employ a device, scheme, or artifice to defraud another person; or
(2)To engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person.
(b) Rules defining fraud. A rule adopted under this chapter may define an act, practice, or course of business of an investment adviser or an investment adviser representative, other than a supervised person of a federal covered investment adviser, as fraudulent, deceptive, or manipulative, and prescribe means reasonably designed to prevent investment advisers and investment adviser representatives, other than supervised persons of a federal covered investment adviser, from engaging in acts, practices, and courses of business defined as fraudulent, deceptive, or manipulative.
(c) Rules specifying contents of advisory contract. A rule adopted under this chapter may specify the contents of an investment advisory contract entered into, extended, or renewed by an investment adviser.
Source:
SL 2004, ch 278, §30.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-503 - Evidentiary burden.

47-31B-503. Evidentiary burden.
(a) Civil. In a civil action or administrative proceeding under this chapter, a person claiming an exemption, exception, preemption, or exclusion has the burden to prove the applicability of the claim.
(b) Criminal. In a criminal proceeding under this chapter, a person claiming an exemption, exception, preemption, or exclusion has the burden of going forward with evidence of the claim.
Source:
SL 2004, ch 278, §31.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-504 - Filing of sales and advertising literature.

47-31B-504. Filing of sales and advertising literature.
(a) Filing requirement. Except as otherwise provided in subsection (b), a rule adopted or order issued under this chapter may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising record relating to a security or investment advice, addressed or intended for distribution to prospective investors, including clients or prospective clients of a person registered or required to be registered as an investment adviser under this chapter.
(b) Excluded communications. This section does not apply to sales and advertising literature specified in subsection (a) which relates to a federal covered security, a federal covered investment adviser, or a security or transaction exempted by §47-31B-201, 47-31B-202, or 47-31B-203 except as required pursuant to §47-31B-201(7).
Source:
SL 2004, ch 278, §32.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-505 - Misleading filings.

47-31B-505. Misleading filings.
It is unlawful for a person to make or cause to be made, in a record that is used in an action or proceeding or filed under this chapter, a statement that, at the time and in the light of the circumstances under which it is made, is false or misleading in a material respect, or, in connection with the statement, to omit to state a material fact necessary to make the statement made, in the light of the circumstances under which it was made, not false or misleading.
Source:
SL 2004, ch 278, §33.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-506 - Misrepresentations concerning registration or exemption.

47-31B-506. Misrepresentations concerning registration or exemption.
The filing of an application for registration, a registration statement, a notice filing under this chapter, the registration of a person, the notice filing by a person, or the registration of a security under this chapter does not constitute a finding by the director that a record filed under this chapter is true, complete, and not misleading. The filing or registration or the availability of an exemption, exception, preemption, or exclusion for a security or a transaction does not mean that the director has passed upon the merits or qualifications of, or recommended or given approval to, a person, security, or transaction. It is unlawful to make, or cause to be made, to a purchaser, customer, client, or prospective customer or client a representation inconsistent with this section.
Source:
SL 2004, ch 278, §34.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-507 - Qualified immunity.

47-31B-507. Qualified immunity.
A broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative is not liable to another broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative for defamation relating to a statement that is contained in a record required by the director, or designee of the director, the Securities and Exchange Commission, or a self-regulatory organization, unless the person knew, or should have known at the time that the statement was made, that it was false in a material respect or the person acted in reckless disregard of the statement's truth or falsity.
Source:
SL 2004, ch 278, §35.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-508 - Criminal penalties.

47-31B-508. Criminal penalties.
(a) Criminal penalties. It is a Class 4 felony for any person that willfully violates this chapter, or a rule adopted or order issued under this chapter, except §47-31B-504 or the notice filing requirements of §47-31B-302 or 47-31B-405, or that willfully violates § 47-31B-505 knowing the statement made to be false or misleading in a material respect. An individual convicted of violating a rule or order under this chapter may be fined, but may not be imprisoned, if the individual did not have knowledge of the rule or order. A subsequent violation is a Class 3 felony.
(b) Criminal reference not required. The Attorney General or the proper prosecuting attorney with or without a reference from the director, may institute criminal proceedings under this chapter.
(c) No limitation on other criminal enforcement. This chapter does not limit the power of this state to punish a person for conduct that constitutes a crime under other laws of this state.
Source:
SL 2004, ch 278, §36; SL 2006, ch 130, §17.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-603 - Civil enforcement.

47-31B-603. Civil enforcement.
(a) Civil action instituted by director. If the director believes that a person has engaged, is engaging, or is about to engage in an act, practice, or course of business constituting a violation of this chapter or a rule adopted or order issued under this chapter or that a person has, is, or is about to engage in an act, practice, or course of business that materially aids a violation of this chapter or a rule adopted or order issued under this chapter, the director may maintain an action in the circuit court to enjoin the act, practice, or course of business and to enforce compliance with this chapter or a rule adopted or order issued under this chapter.
(b) Relief available. In an action under this section and on a proper showing, the court may:
(1)Issue a permanent or temporary injunction, restraining order, or declaratory judgment;
(2)Order other appropriate or ancillary relief, which may include:
(A)An asset freeze, accounting, writ of attachment, writ of general or specific execution, and appointment of a receiver or conservator, that may be the director for the defendant or the defendant's assets;
(B)Ordering the director to take charge and control of a defendant's property, including investment accounts and accounts in a depository institution, rents, and profits; to collect debts; and to acquire and dispose of property;
(C)Imposing a civil penalty up to ten thousand dollars for each violation; an order of rescission, restitution, or disgorgement directed to a person that has engaged in an act, practice, or course of business constituting a violation of this chapter or the predecessor act or a rule adopted or order issued under this chapter or the predecessor act; and
(D)Ordering the payment of prejudgment and postjudgment interest; or
(3)Order such other relief as the court considers appropriate.
(c) No bond required. The director may not be required to post a bond in an action or proceeding under this chapter.
Source:
SL 2004, ch 278, §41.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-606 - Administrative files and opinions.

47-31B-606. Administrative files and opinions.
(a) Public register of filings. The director shall maintain, or designate a person to maintain, a register of applications for registration of securities; registration statements; notice filings; applications for registration of broker-dealers, agents, investment advisers, and investment adviser representatives; notice filings by federal covered investment advisers that are or have been effective under this chapter or the predecessor act; notices of claims of exemption from registration or notice filing requirements contained in a record; orders issued under this chapter or the predecessor act; and interpretative opinions or no action determinations issued under this chapter.
(b) Public availability. The director shall make all rules, forms, interpretative opinions, and orders available to the public.
(c) Copies of public records. The director shall furnish a copy of a record that is a public record or a certification that the public record does not exist to a person that so requests. A rule adopted under this chapter may establish a reasonable charge for furnishing the record or certification. A copy of the record certified or a certificate by the director of a record's nonexistence is prima facie evidence of a record or its nonexistence.
Source:
SL 2004, ch 278, §44.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-607 - Public records--Confidentiality.

47-31B-607. Public records--Confidentiality.
(a) Presumption of public records. Except as otherwise provided in subsection (b), records obtained by the director or filed under this chapter, including a record contained in or filed with a registration statement, application, notice filing, or report, are public records and are available for public examination.
(b) Nonpublic records. The following records are not public records and are not available for public examination under subsection (a):
(1)A record obtained by the director in connection with an audit or inspection under §47-31B-411(d) or an investigation under §47-31B-602;
(2)A part of a record filed in connection with a registration statement under §§47-31B-301 and 47-31B-303 through 47-31B-305 or a record under §47-31B-411(d) that contains trade secrets or confidential information if the person filing the registration statement or report has asserted a claim of confidentiality or privilege that is authorized by law;
(3)A record that is not required to be provided to the director or filed under this chapter and is provided to the director only on the condition that the record will not be subject to public examination or disclosure;
(4)A nonpublic record received from a person specified in §47-31B-608(a); and
(5)Any social security number, residential address unless used as a business address, and residential telephone number unless used as a business telephone number, contained in a record that is filed; and
(6)A record obtained by the director through a designee of the director or that a rule or order under this chapter determines has been:
(A)Expunged from the director's records by the designee; or
(B)Determined to be nonpublic or nondisclosable by that designee if the director finds the determination to be in the public interest and for the protection of investors.
(c) Director discretion to disclose. If disclosure is for the purpose of a civil, administrative, or criminal investigation, action, or proceeding or to a person specified in §47-31B-608(a), the director may disclose a record obtained in connection with an audit or inspection under §47-31B-411(d) or a record obtained in connection with an investigation under §47-31B-602.
Source:
SL 2004, ch 278, §45.
2023 South Dakota Codified Laws › Title 47 - Corporations › Chapter 31B - Uniform Securities Act Of 2002 › Section 47-31B-608 - Uniformity and cooperation with other agencies.

47-31B-608. Uniformity and cooperation with other agencies.
(a) Objective of uniformity. The director shall, in its discretion, cooperate, coordinate, consult, and, subject to §47-31B-607, share records and information with the securities regulator of another state, Canada, a Canadian province or territory, a foreign jurisdiction, the Securities and Exchange Commission, the United States Department of Justice, the Commodity Futures Trading Commission, the Federal Trade Commission, the Securities Investor Protection Corporation, a self-regulatory organization, a national or international organization of securities regulators, a federal or state banking and insurance regulator, and a governmental law enforcement agency to effectuate greater uniformity in securities matters among the federal government, self-regulatory organizations, states, and foreign governments.
(b) Policies to consider. In cooperating, coordinating, consulting, and sharing records and information under this section and in acting by rule, order, or waiver under this chapter, the director shall, in its discretion, take into consideration in carrying out the public interest the following general policies:
(1)Maximizing effectiveness of regulation for the protection of investors;
(2)Maximizing uniformity in federal and state regulatory standards; and
(3)Minimizing burdens on the business of capital formation, without adversely affecting essentials of investor protection.
(c) Subjects for cooperation. The cooperation, coordination, consultation, and sharing of records and information authorized by this section includes:
(1)Establishing or employing one or more designees as a central depository for registration and notice filings under this chapter and for records required or allowed to be maintained under this chapter;
(2)Developing and maintaining uniform forms;
(3)Conducting a joint examination or investigation;
(4)Holding a joint administrative hearing;
(5)Instituting and prosecuting a joint civil or administrative proceeding;
(6)Sharing and exchanging personnel;
(7)Coordinating registrations under §§47-31B-301 and 47-31B-401 through 47-31B-404 and exemptions under §47-31B-203;
(8)Sharing and exchanging records, subject to §47-31B-607;
(9)Formulating rules, statements of policy, guidelines, forms, and interpretative opinions and releases;
(10)Formulating common systems and procedures;
(11)Notifying the public of proposed rules, forms, statements of policy, and guidelines;
(12)Attending conferences and other meetings among securities regulators, which may include representatives of governmental and private sector organizations involved in capital formation, deemed necessary or appropriate to promote or achieve uniformity; and
(13)Developing and maintaining a uniform exemption from registration for small issuers, and taking other steps to reduce the burden of raising investment capital by small businesses.
Source:
SL 2004, ch 278, §46.