Section 10-50-26 - Bond or depository agreement required of authorized nonresident--Duration of bondor agreement. - South Dakota Statutes

10-50-26. Bond or depository agreement required of authorized nonresident--Duration of bond or agreement. The secretary of revenue and regulation shall require bond of such nonresident person, satisfactory to the secretary of revenue and regulation, in an amount not to exceed ten thousand dollars, which said bond shall be filed with the secretary of revenue and regulation conditioned upon the payment of the tax in compliance with such other requirements as the secretary of revenue and regulation may specify. Such bond shall be issued by a surety company licensed to do business in this state, and shall be in full force and effect for a period of one year and a day after the expiration of the bond, and until or unless a certificate be issued by the secretary of revenue and regulation to the effect that all taxes due to the state under this chapter have been paid. In the discretion of the secretary of revenue and regulation, a depository agreement may be accepted by the secretary of revenue and regulation in lieu of such surety bond, which said depository agreement shall be upon the same conditions as the bond above referred to, and shall be in full force and effect for one year and a day and until or unless a certificate be issued by the secretary of revenue and regulation to the effect that all taxes due to the state under this chapter have been paid.

Source: SDC 1939, § 57.3909; SL 1951, ch 452, § 6; SL 2003, ch 272, § 82.