Section 51A-6A-24 - Issuance of preferred stock. - South Dakota Statutes

51A-6A-24. Issuance of preferred stock. Any trust company in corporate form may issue preferred stock of one or more classes in such amounts as are approved by the commission. The holders of two-thirds of the common stock of the trust company shall approve the issuance at a meeting held for that purpose. Notice shall be given by registered mail to each stockholder at least five days before the date of the meeting. No issue of preferred stock is valid until the par value of all stock so issued is paid in. No preferred stock may be retired unless the common stock is increased in an amount equal to the amount of the preferred stock retired.

Source: SL 1995, ch 268, § 22.