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).