Definition of terms.

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47-11D-1.1. Definition of terms.

Terms used in this chapter shall also include the following terms:

(1)"Articles of incorporation," the articles of organization of a limited liability company;

(2)"Corporation," both corporations under the South Dakota Business Corporations Act and limited liability companies under the South Dakota Limited Liability Company Act;

(3)"Director" or "officer," any manager of a limited liability company or the members of a limited liability company that does not have managers;

(4)"Incorporation," the members of a limited liability company;

(5)"Shareholders," the members of a limited liability company;

(6)"Shares" or "stock," membership interests in a limited liability company.

Source: SL 2000, ch 222, §6.


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