S.D. Admin. R. 20:06:04:35
There is also hereby exempted as not comprehended within the purposes of SDCL 58-5-71 to 58-5-73, inclusive, the disposition of a security, purchased in a transaction specified in § 20:06:04:33, pursuant to a plan or agreement for merger or consolidation, or reclassification of the insurer's securities, or for the exchange of its securities for the securities of another person who has acquired its assets, or who is in control, as defined in section 368 (c) of the Internal Revenue Code of 1954, of a person who has acquired its assets, where the terms of such plan or agreement are binding upon all stockholders of the insurer except to the extent that dissenting stockholders may be entitled, under statutory provisions or provisions contained in the certificate of incorporation, to receive the appraised or fair value of their holdings.
S.D. Admin. R. 20:06:04:35
General Authority: SDCL 58-5-73, 58-5-77.
Law Implemented: SDCL 58-5-70 to 58-5-73.