47-10-16. Classes of members--Stockholder members--Nonstockholder members.
There shall be two classes of members in the corporation with voting rights specified in the articles of incorporation.
(1)Stockholder members include individuals, corporations, and organizations who qualify by the purchase of common stock.
(2)Nonstockholder members include banks, savings and loan associations, trust companies, and insurance companies who qualify by making application to lend funds to the corporation upon call.
Source: SL 1957, ch 314, §5; SDC Supp 1960, §55.6005.