S.D. Admin. R. 20:06:03:32

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:06:03:32 - Authorization or issuance of stock

The following rules apply to stock authorization or issuance:

(1) If action is to be taken with respect to the authorization or issuance of any stock of the insurer furnish the title, amount and description of the stock to be authorized or issued;

(2) If the shares of stock are other than additional shares of common stock of a class outstanding, furnish a brief summary of the following, if applicable: dividend, voting, liquidation, preemptive and conversion rights, redemption and sinking fund provisions, interest rate and date of maturity;

(3) If the shares of stock to be authorized or issued are other than additional shares of common stock of a class outstanding, the director of insurance may require financial statements comparable to those contained in the annual report.

S.D. Admin. R. 20:06:03:32

SL 1975, ch 16, § 1; 12 SDR 151, 12 SDR 155, effective 7/1/1986.

General Authority: SDCL 58-4-1, 58-5-49.

Law Implemented: SDCL 58-5-49.