47-22-4. Purposes and authority of corporations--Particular purposes--Exceptions.
Corporations may be organized under this chapter for any lawful purpose, including, but not limited to, any one or more of the following purposes:
(1)Agricultural;
(2)Animal husbandry;
(3)Athletic;
(4)Benevolent;
(5)Charitable;
(6)Civic;
(7)Cultural;
(8)Educational;
(9)Eleemosynary;
(10)Fraternal;
(11)Horticultural;
(12)Literary;
(13)Patriotic;
(14)Political;
(15)Religious;
(16)Scientific;
(17)Social; and
(18)Professional, commercial, industrial, or trade association. However, labor unions, cooperative organizations, other than housing cooperatives, communals, and organizations subject to any of the provisions of the banking laws of this state may not be organized under this chapter. Notwithstanding any other provision of this title, any insurance organization formed under this chapter is subject to Title 58.
Source: SDC 1939, §§11.1401, 11.1501, 11.1701, 11.1801; SL 1965, ch 24, §4; SL 1966, ch 17, §2; SL 1972, ch 245; SL 1998, ch 271, §1; SL 2016, ch 221, §1.