S.D. Codified Laws § 47-1A-721.1

Current through the 2024 Legislative Session

Section 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.

SDCL 47-1A-721.1

SL 2005, ch 239, §97.