Section 58-5A-45 - Pre-acquisition notification--"Person" defined. - South Dakota Statutes

58-5A-45. Pre-acquisition notification--"Person" defined. Any person acquiring assets pursuant to § 58-5A-3 shall file a pre-acquisition notification with the director containing the information set forth in § 58-5A-48 thirty days prior to the proposed effective date of the acquisition. Any person failing to file is subject to § 58-5A-53. For the purposes of this section, "person" does not include any securities broker holding, in the usual and customary brokers function, less than twenty percent of the voting securities of an insurance company or of any person which controls an insurance company.

Source: SL 1992, ch 341, § 4.