South Dakota § 49-30-21 - Failure to pay for stock--Collection by directors--Forfeiture of previous payments.
Full text of South Dakota South Dakota Codified Laws § 49-30-21 — Failure to pay for stock--Collection by directors--Forfeiture of previous payments., with citation guidance and answers to common questions.
§ 49-30-21. Failure to pay for stock--Collection by directors--Forfeiture of previous payments.
The directors may require any amounts unpaid upon the capital stock to be paid in such manner and in such installments as they deem proper. If any stockholder shall neglect to pay any installment as required by a resolution of the board, and the board shall have caused a notice in writing to be served on him personally or by depositing the same in the post office, postage paid, properly directed to him at the post office nearest his usual place of residence at least sixty days previous to the day on which such payment is required to be made, stating that he is required to make such payment at the time and place in such notice specified, and if he fails so to do his stock and all previous payments thereon will be forfeited for the use of the corporation, such board may declare such stock and previous payments forfeited, and they shall be forfeited accordingly to the use of the corporation, or such board may in any case enforce payment by action at law.
Source: SDC 1939, § 52.1307.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 49-30-21
What does South Dakota Codified Laws § 49-30-21 cover?
Section 49-30-21 ("Failure to pay for stock--Collection by directors--Forfeiture of previous payments.") 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 § 49-30-21?
A common citation format is "South Dakota Codified Laws § 49-30-21" (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 § 49-30-21 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.