2018 South Dakota Codified Laws
Title 47 - CORPORATIONS
Chapter 33 - South Dakota Domestic Public Corporation Takeover Act
§ 47-33-10 Request for special meeting by acquiring person--Consideration of voting rights.

47-33-10. Request for special meeting by acquiring person--Consideration of voting rights. (1) If the acquiring person so requests in writing at the time of delivery of an information statement pursuant to § 47-33-9, and has made, or has made a bona fide written offer to make, a control share acquisition and gives a written undertaking to pay or reimburse the domestic public corporation's expenses of a special meeting, except the expenses of the domestic public corporation in opposing according voting rights with respect to shares acquired or to be acquired in the control share acquisition, within ten days after receipt by the domestic public corporation of the information statement, a special meeting of the shareholders of the domestic public corporation shall be called for the sole purpose of considering the voting rights to be accorded shares referred to in § 47-33-8 acquired or to be acquired pursuant to the control share acquisition.

(2) The special meeting shall be held no later than fifty days after receipt of the information statement, unless the acquiring person agrees to a later date. If the acquiring person so requests in writing at the time of delivery of the information statement, the special meeting shall not be held sooner than thirty days after receipt by the domestic public corporation of the information statement.

(3) If no request for a special meeting is made, consideration of the voting rights to be accorded shares referred to in § 47-33-8 acquired or to be acquired pursuant to the control share acquisition shall be presented to the next special or annual meeting of the shareholders, unless prior thereto the matter of the voting rights becomes moot.

Source: SL 1990, ch 369, § 203.

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