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2019 South Dakota Codified Laws
Title 47 - Corporations
Chapter 01A - South Dakota Business Corporation Act
§ 47-1A-604.3 Issuance of script--Authorization by board of directors--ConditionsSUBPART B. ISSUANCE OF SHARES.
Universal Citation: SD Codified L § 47-1A-604.3 (2019)
47-1A-604.3. Issuance of script--Authorization by board of directors--Conditions. The board of directors may authorize the issuance of scrip subject to any condition considered desirable, including:
(1) That the scrip will become void if not exchanged for full shares before a specified date; and
(2) That the shares for which the scrip is exchangeable may be sold and the proceeds paid to the scripholders.
Source: SL 2005, ch 239, ยง 63.
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