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Promotion expenses--Commissions on stock sales--Limitations.

SDCL § 47-15-40
in effect
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47-15-40. Promotion expenses--Commissions on stock sales--Limitations. No cooperative funds may be used, nor any stock issued, in payment of any promotion expenses in excess of ten percent of the paid-up capital stock or membership fees. No commission or expenses shall be paid on the sale of stock in excess of ten percent of the par value thereof. SDC 1939, § 11.1112 as enacted by SL 1965, ch 23, § 1.
Source: South Dakota Legislature (sdlegislature.gov)URL: https://sdlegislature.gov/Statutes/47-15-40Fetched: 10/20/2026

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