State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-10 > Statute-47-10-22

47-10-22. Nonstockholder members--Payment before dissolution of corporation. Upon dissolution of a corporation organized under this chapter, obligations due the nonstockholder members are to be paid in full before any payments are made to the stockholder members.

Source: SL 1957, ch 314, § 5; SDC Supp 1960, § 55.6005 (2) (f).

State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-10 > Statute-47-10-22

47-10-22. Nonstockholder members--Payment before dissolution of corporation. Upon dissolution of a corporation organized under this chapter, obligations due the nonstockholder members are to be paid in full before any payments are made to the stockholder members.

Source: SL 1957, ch 314, § 5; SDC Supp 1960, § 55.6005 (2) (f).