<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 47-22-1 - Definitions. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069207Normal { 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.s2069207SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069207CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069207Normal-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.s2069207DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069207Normal-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.s2069207000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069207SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069207SCL-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="s2069207Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-22-1"><span class="s2069207SENU">47-22-1</span></a><span xml:space="preserve" class="s2069207SENU">. </span><span class="s2069207CL">Definitions.</span></p><p dir="ltr" class="s2069207Normal-000000"><span xml:space="preserve" class="s2069207DefaultParagraphFont">As used in chapters </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-22"><span class="s2069207DefaultParagraphFont">47-22</span></a><span xml:space="preserve" class="s2069207DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-28"><span class="s2069207DefaultParagraphFont">47-28</span></a><span class="s2069207DefaultParagraphFont">, inclusive, unless the context otherwise requires, the term:</span></p><p dir="ltr" class="s2069207Normal-000001"><span class="s2069207DefaultParagraphFont">(1)    "Articles of incorporation" means the original or restated articles of incorporation or articles of consolidation and all amendments thereto including articles of merger.</span></p><p dir="ltr" class="s2069207Normal-000001"><span class="s2069207DefaultParagraphFont">(2)    "Board of directors" means the group of persons vested with the management of the affairs of the corporation irrespective of the name by which such group is designated.</span></p><p dir="ltr" class="s2069207Normal-000001"><span class="s2069207DefaultParagraphFont">(3)    "Bylaws" means the code or codes of rules adopted for the regulation or management of the affairs of the corporation irrespective of the name or names by which such rules are designated.</span></p><p dir="ltr" class="s2069207Normal-000001"><span xml:space="preserve" class="s2069207DefaultParagraphFont">(4)    "Corporation" or "domestic corporation" means a nonprofit corporation subject to the provisions of chapters </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-22"><span class="s2069207DefaultParagraphFont">47-22</span></a><span xml:space="preserve" class="s2069207DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-28"><span class="s2069207DefaultParagraphFont">47-28</span></a><span class="s2069207DefaultParagraphFont">, inclusive, except a foreign corporation.</span></p><p dir="ltr" class="s2069207Normal-000001"><span class="s2069207DefaultParagraphFont">(5)    "Foreign corporation" means a nonprofit corporation organized under laws other than the laws of this state.</span></p><p dir="ltr" class="s2069207Normal-000001"><span class="s2069207DefaultParagraphFont">(6)    "Insolvent" means inability of a corporation to pay its debts as they become due in the usual course of its affairs.</span></p><p dir="ltr" class="s2069207Normal-000001"><span class="s2069207DefaultParagraphFont">(7)    "Member" means one having membership rights in a corporation in accordance with the provisions of its articles of incorporation or bylaws and may include municipal corporations of this state or other states;</span></p><p dir="ltr" class="s2069207Normal-000001"><span class="s2069207DefaultParagraphFont">(8)    "Nonprofit corporation" means a corporation no part of the income or profit of which is distributable to its members, directors or officers.</span></p><p dir="ltr" class="s2069207Normal"><span xml:space="preserve" class="s2069207000002"> </span></p><p dir="ltr" class="s2069207Normal"><span class="s2069207SCL">Source:</span><span xml:space="preserve" class="s2069207SCL-000003"> SL 1965, ch 24, § 2; SL 2001, ch 247, § 1.</span></p></div></body></html>