2012 South Dakota Codified Laws
Title 47 CORPORATIONS
Chapter 24. Nonprofit Corporations--Records, Fiscal Affairs And Reports
§47-24-17 Information required by secretary of state upon sale, transfer, or merger of at least thirty percent of nonprofit corporation assets.
47-24-17. Information required by secretary of state upon sale, transfer, or merger of at least thirty percent of nonprofit corporation assets. Upon the sale, transfer, or merger of at least thirty percent of the assets of a nonprofit corporation, the following information shall, within sixty days of such sale, transfer, or merger, be submitted to the secretary of state:
(1) Name and address of the parties involved in the sale, transfer, or merger;
(2) Terms and conditions of the sale, transfer, or merger;
(3) Dollar value of the assets being sold, transferred, or merged, including an account of how the value was determined; and
(4) An explanation of how the sale, transfer, or merger furthers the purpose of the nonprofit corporation.
The information shall be submitted on forms provided by the secretary of state.
Source: SL 1997, ch 260, § 1.
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