Section 47-15-40 - Promotion expenses--Commissions on stock sales--Limitations.
47-15-40. Promotion expenses--Commissions on stock sales--Limitations. No cooperative funds may be used, nor any stock issued, in payment of any promotion expenses in excess of ten percent of the paid-up capital stock or membership fees. No commission or expenses shall be paid on the sale of stock in excess of ten percent of the par value thereof.
Source: SDC 1939, § 11.1112 as enacted by SL 1965, ch 23, § 1.