20:08:07:35Merger and consolidation.
Section · Administrative Rules of South Dakota · View on sdlegislature.gov ↗
The transactional exemption granted pursuant to SDCL 47-31B-202(18) does not apply if the transaction was made for the purpose of avoiding the registration requirements of SDCL chapter 47-31B.
Source: 30 SDR 211, effective July 1, 2004.