There is a newer version of the South Dakota Codified Laws
2012 South Dakota Codified Laws
Title 47 CORPORATIONS
Chapter 26. Nonprofit Corporations--Dissolution And Liquidation
§47-26-36 Decree of involuntary dissolution--Cessation of corporate existence.
SD Codified L § 47-26-36 (through 2012) What's This?
47-26-36. Decree of involuntary dissolution--Cessation of corporate existence. In proceedings to liquidate the assets and affairs of a corporation, when the costs and expenses of such proceedings and all debts, obligations, and liabilities of the corporation shall have been paid and discharged and all of its remaining property and assets distributed in accordance with the provisions of this chapter, or in case its property and assets are not sufficient to satisfy and discharge such costs, expenses, debts, and obligations, and all the property and assets have been applied so far as they will go to their payment, the court shall enter a decree dissolving the corporation, whereupon the existence of the corporation shall cease.
Source: SL 1965, ch 24, § 61.
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