There is a newer version of the South Dakota Codified Laws
2012 South Dakota Codified Laws
Title 47 CORPORATIONS
Chapter 24. Nonprofit Corporations--Records, Fiscal Affairs And Reports
§47-24-4 Compensation of members, directors, or officers--Distributions upon final liquidation.
SD Codified L § 47-24-4 (through 2012) What's This?
47-24-4. Compensation of members, directors, or officers--Distributions upon final liquidation. A corporation may pay compensation in a reasonable amount to its members, directors, or officers for services rendered, may confer benefits upon its members in conformity with its purposes, and may make distributions upon dissolution or final liquidation as permitted by chapter 47-26, and no such payment, benefit, or distribution shall be deemed to be a dividend or a distribution of income or profit.
Source: SL 1965, ch 24, § 28.
Disclaimer: These codes may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
