<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-10-16 - Classes of members--Stockholder members--Nonstockholder members. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2068539Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2068539SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2068539CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2068539Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2068539DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2068539Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2068539000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2068539SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2068539SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2068539Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-10-16"><span class="s2068539SENU">47-10-16</span></a><span xml:space="preserve" class="s2068539SENU">. </span><span class="s2068539CL">Classes of members--Stockholder members--Nonstockholder members.</span></p><p dir="ltr" class="s2068539Normal-000000"><span class="s2068539DefaultParagraphFont">There shall be two classes of members in the corporation with voting rights specified in the articles of incorporation.</span></p><p dir="ltr" class="s2068539Normal-000001"><span class="s2068539DefaultParagraphFont">(1)    Stockholder members include individuals, corporations, and organizations who qualify by the purchase of common stock.</span></p><p dir="ltr" class="s2068539Normal-000001"><span class="s2068539DefaultParagraphFont">(2)    Nonstockholder members include banks, savings and loan associations, trust companies, and insurance companies who qualify by making application to lend funds to the corporation upon call.</span></p><p dir="ltr" class="s2068539Normal"><span xml:space="preserve" class="s2068539000002"> </span></p><p dir="ltr" class="s2068539Normal"><span class="s2068539SCL">Source:</span><span xml:space="preserve" class="s2068539SCL-000003"> SL 1957, ch 314, § 5; SDC Supp 1960, § 55.6005.</span></p></div></body></html>