State Codes and Statutes

Statutes > South-dakota > Title-36 > Chapter-21a > Statute-36-21a-40

36-21A-40. Partner or associate must be licensee--Non licensee as shareholder, director or officer--Conditions. A person who is not a licensee may not be a partner or an associate in a real estate firm. However, a person who is not licensed may be a shareholder, director or officer in a real estate corporation or firm under the following conditions:
(1) He does not own a substantial amount of the shares of the stock of the corporation;
(2) He is within the immediate family of the qualifying broker;
(3) He is necessary for the operation of the corporation; and
(4) The commission has granted an exemption to allow him to be a stockholder, officer or director of the corporation.
An application for a firm license may be issued without further qualification or examination.

Source: SL 1992, ch 273, § 40.