Section 47-16-22 - Membership stock--Transfer of stock. - South-dakota Statutes

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47-16-22. Membership stock--Transfer of stock. The articles of a cooperative may require that members own one or more shares of membership stock. Such stock shall be issued or transferred only to a person eligible to become a member, and only when such person satisfies other requisites for membership. Unless restricted by the articles, stock other than membership stock may be issued or transferred to any person.

Source: SDC 1939, § 11.1118 (2) as enacted by SL 1965, ch 23, § 1.

State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-16 > Statute-47-16-22

47-16-22. Membership stock--Transfer of stock. The articles of a cooperative may require that members own one or more shares of membership stock. Such stock shall be issued or transferred only to a person eligible to become a member, and only when such person satisfies other requisites for membership. Unless restricted by the articles, stock other than membership stock may be issued or transferred to any person.

Source: SDC 1939, § 11.1118 (2) as enacted by SL 1965, ch 23, § 1.

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Statutes > South-dakota > Title-47 > Chapter-16 > Statute-47-16-22

47-16-22. Membership stock--Transfer of stock. The articles of a cooperative may require that members own one or more shares of membership stock. Such stock shall be issued or transferred only to a person eligible to become a member, and only when such person satisfies other requisites for membership. Unless restricted by the articles, stock other than membership stock may be issued or transferred to any person.

Source: SDC 1939, § 11.1118 (2) as enacted by SL 1965, ch 23, § 1.