{"data":{"id":"us-sd/sdcl-47-1a-1202","jurisdiction":"us-sd","citation":"SDCL § 47-1A-1202","heading":"Shareholder approval of certain dispositions.","body":"A sale, lease, exchange, or other disposition of assets, other than a disposition described in § 47-1A-1201, requires approval of the corporation's shareholders if the disposition would leave the corporation without a significant continuing business activity. If a corporation retains a business activity that represented at least twenty-five percent of total assets at the end of the most recently completed fiscal year, and twenty-five percent of either income from continuing operations before taxes or revenues from continuing operations for that fiscal year, in each case of the corporation and its subsidiaries on a consolidated basis, the corporation will conclusively be deemed to have retained a significant continuing business activity.","path":["TITLE 47. CORPORATIONS","CHAPTER 47-1A. SOUTH DAKOTA BUSINESS CORPORATION ACT"],"source_url":"https://sdlegislature.gov/Statutes/47-1A-1202","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:57Z","sha256":"c132db9c372c99c800239bffbd70916daef414f9a3114e663a96c82da9736e9a","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-47-1a-1201","next":"us-sd/sdcl-47-1a-1202.1"},"notice":"GroundRules: Original legal text. Not legal advice."}