Section 49-30-13 - Board of directors--Election--Terms of office--Director as stockholder. - South Dakota Statutes

49-30-13. Board of directors--Election--Terms of office--Director as stockholder. There shall be a board of not less than five nor more than thirteen directors of every corporation organized under this chapter to manage its affairs, who shall be elected at such time, in such manner and for such terms as shall be prescribed by its bylaws, and shall hold their offices until the respective successors shall be chosen. No person shall be a director unless he shall be a stockholder, owning stock absolutely in his own name or as a trustee or personal representative, and qualified to vote at the election at which he shall be chosen.

Source: SDC 1939, § 52.1305; SL 1943, ch 178; SL 1955, ch 227, § 1.