ARSD § 64:75:02:03 — Involuntary transfer -- Report required

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2005-10-25T13:12:00Z
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MicrosoftInternetExplorer4
64:75:02:03. Involuntary transfer -- Report required.
Upon learning of an involuntary transfer of its stock, which results in a
change in the majority shareholder of the corporation, the corporation shall
file with the secretary a report which includes the name of the owner or holder
of the stock so transferred, amount of stock involved, name and address of each
transferee, and the reason for the involuntary transfer. The secretary shall
notify the governing body of the local government responsible for determining
the suitability of alcoholic beverage licensees, pursuant to SDCL 35-2-1.2 and 35-2-6.2 , of the new majority shareholder of the corporation.