There is a newer version of the South Dakota Codified Laws
2011 South Dakota Code
Title 40 ANIMALS AND LIVESTOCK
Chapter 25. Livestock Registry Associations
§40-25-3 Stock and membership provisions in articles of association.
SD Codified L § 40-25-3 (through 2011) What's This?
40-25-3. Stock and membership provisions in articles of association. The articles of a purebred livestock registry association shall also set forth whether or not interests in the corporation shall be evidenced by shares of stock or by certificates of membership or by both. The articles may provide for the issuance of stock in shares of no par value and in such case shall state the number of shares of such stock issued by the association. The articles may also provide that in lieu of stock, certificates of membership of a value to be fixed by the bylaws may be issued.
Source: SDC 1939, § 40.1602.
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