S.D. Admin. R. 64:75:02:03 - Involuntary transfer - Report required
Upon learning of an involuntary transfer of its stock, which results in a change in the majority shareholder of the corporation, the corporation shall file with the secretary a report which includes the name of the owner or holder of the stock so transferred, amount of stock involved, name and address of each transferee, and the reason for the involuntary transfer. The secretary shall notify the governing body of the local government responsible for determining the suitability of alcoholic beverage licensees, pursuant to SDCL 35-2-1.2 and 35-2-6.2, of the new majority shareholder of the corporation.
General Authority: SDCL 35-10-1(7).
Law Implemented: SDCL 35-2-1.2, 35-2-6.2, 35-10-1(7).
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