For AI agents: read the machine-readable documentation index at /llms.txt or the single-file full reference at /llms-full.txt.
Form a Business

Lending--Duty to give first opportunity to lending institution.

SDCL § 47-10-9
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
47-10-9. Lending--Duty to give first opportunity to lending institution. The corporation shall lend money only when credit is not elsewhere readily available. Before granting any loan, the board of directors or a committee thereof shall endeavor, so far as is reasonably possible, to ascertain that the first opportunity to grant such loan has been given to lending institutions which may desire such loans generally in the course of their business. SL 1957, ch 314, § 7; SDC Supp 1960, § 55.6007.
Source: South Dakota Legislature (sdlegislature.gov)URL: https://sdlegislature.gov/Statutes/47-10-9Fetched: 10/20/2026

Starting a business in South Dakota? South Dakota LLC guide: costs and requirements