S.D. Codified Laws § 47-1A-954

Current through the 2024 Legislative Session

Section 47-1A-954 - Surrender of charter upon conversion

Whenever a domestic business corporation has adopted and approved, in the manner required by §§ 47-1A-950 to 47-1A-956, inclusive, a plan of entity conversion providing for the corporation to be converted to a foreign unincorporated entity, articles of charter surrender shall be executed on behalf of the corporation by any officer or other duly authorized representative. The articles of charter surrender shall set forth:

(1) The name of the corporation;

(2) A statement that the articles of charter surrender are being filed in connection with the conversion of the corporation to a foreign unincorporated entity;

(3) A statement that the conversion was duly approved by the shareholders in the manner required by this chapter and the articles of incorporation;

(4) The jurisdiction under the laws of which the surviving entity will be organized;

(5) If the surviving entity will be a nonfiling entity, the address of its executive office immediately after the conversion.

The articles of charter surrender shall be delivered by the corporation to the Office of the Secretary of State for filing. The articles of charter surrender shall take effect on the effective time provided in §§ 47-1A-123 and 47-1A-123.1.

SDCL 47-1A-954

SL 2005, ch 239, §229.