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Statutes > South Dakota Laws > Title 47 - CORPORATIONS > Chapter 10 - Business Development Credit Corporations > Section 47-10-22 - Nonstockholder members--Payment before dissolution of corporation.

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SOUTH DAKOTA STATUTES AND CODES

Section 47-10-22 - Nonstockholder members--Payment before dissolution of corporation.

47-10-22. Nonstockholder members--Payment before dissolution of corporation. Upon dissolution of a corporation organized under this chapter, obligations due the nonstockholder members are to be paid in full before any payments are made to the stockholder members.

Source: SL 1957, ch 314, § 5; SDC Supp 1960, § 55.6005 (2) (f).

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