<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 47-1A-1405.1 - Limitations on effect of dissolution. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2068380Normal { 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.s2068380SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2068380CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2068380Normal-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.s2068380DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2068380Normal-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.s2068380000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2068380SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2068380SCL-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="s2068380Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1405.1"><span class="s2068380SENU">47-1A-1405.1</span></a><span xml:space="preserve" class="s2068380SENU">. </span><span class="s2068380CL">Limitations on effect of dissolution.</span></p><p dir="ltr" class="s2068380Normal-000000"><span class="s2068380DefaultParagraphFont">Dissolution of a corporation does not:</span></p><p dir="ltr" class="s2068380Normal-000001"><span class="s2068380DefaultParagraphFont">(1)    Transfer title to the corporation's property;</span></p><p dir="ltr" class="s2068380Normal-000001"><span class="s2068380DefaultParagraphFont">(2)    Prevent transfer of its shares or securities, although the authorization to dissolve may provide for closing the corporation's share transfer records;</span></p><p dir="ltr" class="s2068380Normal-000001"><span xml:space="preserve" class="s2068380DefaultParagraphFont">(3)    Subject its directors or officers to standards of conduct different from those prescribed in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-801"><span class="s2068380DefaultParagraphFont">47-1A-801</span></a><span xml:space="preserve" class="s2068380DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-863.3"><span class="s2068380DefaultParagraphFont">47-1A-863.3</span></a><span class="s2068380DefaultParagraphFont">, inclusive;</span></p><p dir="ltr" class="s2068380Normal-000001"><span class="s2068380DefaultParagraphFont">(4)    Change quorum or voting requirements for its board of directors or shareholders; change provisions for selection, resignation, or removal of its directors or officers or both; or change provisions for amending its bylaws;</span></p><p dir="ltr" class="s2068380Normal-000001"><span class="s2068380DefaultParagraphFont">(5)    Prevent commencement of a proceeding by or against the corporation in its corporate name;</span></p><p dir="ltr" class="s2068380Normal-000001"><span class="s2068380DefaultParagraphFont">(6)    Abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution; or</span></p><p dir="ltr" class="s2068380Normal-000001"><span class="s2068380DefaultParagraphFont">(7)    Terminate the authority of the registered agent of the corporation.</span></p><p dir="ltr" class="s2068380Normal"><span xml:space="preserve" class="s2068380000002"> </span></p><p dir="ltr" class="s2068380Normal"><span class="s2068380SCL">Source:</span><span xml:space="preserve" class="s2068380SCL-000003"> SL 2005, ch 239, § 317.</span></p></div></body></html>