51A-17-78. Acquisition of control--Exceptions.The requirements of subdivisions 51A-17-72(1) and (2) do not apply to any of the following:(1)A person that acts as a proxy for the sole purpose of voting at a designated meeting of the shareholders or holders of voting shares or voting interests of a licensee or a person in control of a licensee;(2)A person that acquires control of a licensee by devise or descent;(3)A person that acquires control of a licensee as a personal representative, custodian, guardian, conservator, or trustee, or as an officer appointed by a court of competent jurisdiction or by operation of law;(4)A person that is exempt under subdivision 51A-17-53(7);(5)A person that the director determines is not subject to subdivision 51A-17-72(1) based on the public interest;(6)A public offering of securities of a licensee or a person in control of a licensee; or(7)An internal reorganization of a person in control of the licensee where the ultimate person in control of the licensee remains the same. Source: SL 2024, ch 196, §27.
South Dakota Legal Code