SDCL § 47-1A-603: Issuance of shares--Outstanding until reacquired, redeemed, converted, or cancelled.

A corporation may issue the number of shares of each class or series authorized by the articles of incorporation. Shares that are issued are outstanding shares until they are reacquired, redeemed, converted, or cancelled. The reacquisition, redemption, or conversion of outstanding shares is subject to the limitations of § 47-1A-603.1 and §§ 47-1A-640 to 47-1A-640.5, inclusive.