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2021 South Dakota Codified Laws
Title 47 - Corporations
Chapter 01A - South Dakota Business Corporation Act
Section 47-1A-721.1 - Limitation on voting entitlement of shares when owned by a second corporation--Shares held in fiduciary capacity.
Universal Citation: SD Codified L § 47-1A-721.1 (2021)
47-1A-721.1. Limitation on voting entitlement of shares when owned by a second corporation--Shares held in fiduciary capacity.
Absent special circumstances, the shares of a corporation are not entitled to vote if they are owned, directly or indirectly, by a second corporation, domestic or foreign, and the first corporation owns, directly or indirectly, a majority of the shares entitled to vote for directors of the second corporation. This section does not limit the power of a corporation to vote any shares, including its own shares, held by it in a fiduciary capacity.
Source: SL 2005, ch 239, ยง97.
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