South Dakota § 47-1A-1202 - Shareholder approval of certain dispositions.
Full text of South Dakota South Dakota Codified Laws § 47-1A-1202 — Shareholder approval of certain dispositions., with citation guidance and answers to common questions.
§ 47-1A-1202. Shareholder approval of certain dispositions.
A sale, lease, exchange, or other disposition of assets, other than a disposition described in § 47-1A-1201, requires approval of the corporation's shareholders if the disposition would leave the corporation without a significant continuing business activity. If a corporation retains a business activity that represented at least twenty-five percent of total assets at the end of the most recently completed fiscal year, and twenty-five percent of either income from continuing operations before taxes or revenues from continuing operations for that fiscal year, in each case of the corporation and its subsidiaries on a consolidated basis, the corporation will conclusively be deemed to have retained a significant continuing business activity.
Source: SL 2005, ch 239, § 273.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 47-1A-1202
What does South Dakota Codified Laws § 47-1A-1202 cover?
Section 47-1A-1202 ("Shareholder approval of certain dispositions.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 47-1A-1202?
A common citation format is "South Dakota Codified Laws § 47-1A-1202" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 47-1A-1202 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.