15-2-101. SCOPE OF CHAPTER.

1. Unless otherwise provided, the provisions of this Chapter apply to all for-profit corporations formed under the sovereign powers of the Rosebud Sioux Tribe, except those corporations owned in whole or in party by the Rosebud Sioux Tribe. Only close corporations may be formed under the provisions set forth in this Chapter, and provisions which are stated to be applicable only to “corporations formed under this Chapter” refer to close corporations which comply with subsection (b) below.
2. Any person or persons over the age of 18 years wishing to incorporate a for-profit business or for-profit cooperative may apply to the Director of Corporations for the issuance of a certificate of incorporation under this Chapter, provided that the articles of incorporation shall provide that all of the issued shares of the corporation are to be subject to one or both of the following restrictions on transfer:
   1. Obligating a shareholder to offer to the corporation or to one or more shareholders of the corporation or to any designated person or to any combination of the foregoing, a prior opportunity to acquires such shares; or
   2. Requiring the corporation, or the holders of shares of a particular class of the corporation, to consent to any proposed transferee of the shares.
3. The Rosebud Sioux Tribal Council retains the authority to issue corporate charters for business corporations not eligible to be formed under this Chapter.