Business Development Credit Corporations

  1. Law
  2. South Dakota Codified Laws
  3. Corporations
  4. Business Development Credit Corporations

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Section
47-10-1

Purposes of corporations.

Section
47-10-2

Powers of corporations.

Section
47-10-3

Borrowing--Pledging security for borrowings.

Section
47-10-4

Lending--Competition with lending institutions prohibited.

Section
47-10-5

Terms and conditions of loans.

Section
47-10-6

Purchase and sale of property.

Section
47-10-7

Promotion of local development corporations.

Section
47-10-8

Participation in federal programs.

Section
47-10-9

Lending--Duty to give first opportunity to lending institution.

Section
47-10-10

Incorporators.

Section
47-10-11

Directors--Number and term of office.

Section
47-10-12

Capitalization--Minimum capital before commencing business.

Section
47-10-13

Accumulation of surplus--Use of surplus.

Section
47-10-14

Persons authorized to hold common stock.

Section
47-10-15

First annual meeting--Conditions--Subsequent annual meetings.

Section
47-10-16

Classes of members--Stockholder members--Nonstockholder members.

Section
47-10-17

Nonstockholder members--Establishment of line of credit.

Section
47-10-18

Nonstockholder members--Duty to lend.

Section
47-10-19

Nonstockholder members--Right to withdraw--Conditions.

Section
47-10-20

Nonstockholder members--Liability for debts.

Section
47-10-21

Nonstockholder members--Right to share in surplus.

Section
47-10-22

Nonstockholder members--Payment before dissolution of corporation.

Section
47-10-23

Legal investments.

Section
47-10-24

Applicability of other laws.