Section 47-10-15 - First annual meeting--Conditions--Subsequent annual meetings

47-10-15. First annual meeting--Conditions--Subsequent annual meetings.The first annual meeting of a business development credit corporation shall occur at a date to be fixed by the board of directors as soon as reasonably possible after a minimum of twenty-five percent of the capital stock of the corporation is paid into its treasury and a minimum of ten stockholder members of the corporation have qualified as provided in §47-10-16; and such annual meeting and subsequent annual meetings shall be called and the directors shall be elected in the manner provided in the bylaws. Source: SL 1957, ch 314, §4; SDC Supp 1960, §55.6004.