47-11D-1.1. Definition of terms.

Terms used in this chapter shall also include the following terms:

(1)    "Articles of incorporation," the articles of organization of a limited liability company;

(2)    "Corporation," both corporations under the South Dakota Business Corporations Act and limited liability companies under the South Dakota Limited Liability Company Act;

(3)    "Director" or "officer," any manager of a limited liability company or the members of a limited liability company that does not have managers;

(4)    "Incorporation," the members of a limited liability company;

(5)    "Shareholders," the members of a limited liability company;

(6)    "Shares" or "stock," membership interests in a limited liability company.

Source: SL 2000, ch 222, § 6.