Statutes > South Dakota Statutes > Title 47 - CORPORATIONS > Chapter 24 - Nonprofit Corporations--Records, Fiscal Affairs And Reports > Section 47-24-3 - Shares of stock prohibited--Dividends and profits prohibited.

Section 47-24-3 - Shares of stock prohibited--Dividends and profits prohibited.

47-24-3. Shares of stock prohibited--Dividends and profits prohibited. A corporation shall not have or issue shares of stock. No dividend shall be paid and no part of the income or profit of a corporation shall be distributed to its members, directors, or officers.

Source: SL 1965, ch 24, § 28.