S.D. Codified Laws § 13-55A-15
The agreement required in section 9 of SL 2021, ch 83, must provide for a governing board. The board must consist of five members appointed by the Governor, for a term of five years, except that the initial appointments are for periods of one, two, three, four, and five years. The Governor shall appoint one member as the temporary chair of the board. The board shall elect a chair at its first meeting. A majority of the board must be present personally or electronically to constitute a quorum.
The board shall provide eligible South Dakota students, as described in § 13-55A-16, with a needs-based scholarship to attend an eligible postsecondary institution, as described in § 13-55A-17. The distributable income of the South Dakota Freedom Scholarship endowment must be expended annually to benefit eligible South Dakota students. Any excess earnings or other income to the endowment must be added to the endowment principal. The board shall determine the manner and method of disbursement of the needs-based scholarships, based upon the undergraduate full-time, degree-seeking, South Dakota resident enrollments of each participating, eligible institution, as described in § 13-55A-17.
SDCL 13-55A-15