S.D. Codified Laws § 51A-17-2.2

Current with legislation signed by the governor on or before 3/6/2024

Section 51A-17-2.2 - [Repealed Effective 7/1/2024] Passive investor defined

For purposes of this chapter, the term, passive investor, means a person that:

(1) Does not have the power to elect a majority of key individuals or executive officers, managers, directors, trustees, or other persons exercising managerial authority of a licensee or controlling person;

(2) Is not employed by and does not have any managerial duties of the licensee or controlling person;

(3) Does not have the power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or controlling person; and

(4) Either:

(a) Attests to subdivisions (1), (2), and (3), in a form and in a medium prescribed by the director; or

(b) Commits to the passivity characteristics of subdivisions (1), (2), and (3) in a written document.

SDCL 51A-17-2.2

SL 2022, ch 178, §3.

Repealed by S.L. 2024, ch. TBD,s. 75, eff. 7/1/2024.

Added by S.L. 2022, ch. 178,s. 3, eff. 7/1/2022.