15-1-104. DEFINITIONS.

In the Chapters of this Title:

1. “Article” means the articles of incorporation, charter or other documents evidencing the creation of a corporate entity pursuant to sovereign powers.
2. “Close Corporation” means corporations, the shares of which is not publicly traded and are subjected to restrictions on transfer.
3. “Controlled” as used in reference to corporations controlled by the Rosebud Sioux Tribal Council, includes any corporation where the majority of its Board of Directors are chosen by the Tribal Council or are required to be Tribal Council members.
4. “Deliver” includes delivery by mail.
5. “Distribution” means a direct or indirect transfer of money or other property (except its own shares) or the incurrence of indebtedness by a corporation to or for the benefit of its shareholders in respect of any of its shares. A distribution may be in the form of a declaration or payment of a dividend; a purchase, redemption or other acquisition of shares; or otherwise.
6. “For-Profit Corporation” means a corporation of which the income is distributable for the benefit of its shareholders, and whose assets, upon dissolution, are distributable to its shareholders.
7. “Individual” includes the estate of an incompetent or deceased individual.
8. “Interrogatories” means formal written questions seeking information in the form of a written response.
9. “Non-Profit Corporation” means one in which no part of the income of the corporation is distributable to any person by reason of that person’s status as a member, director, officer or employee, except for reasonable wages for work performed.
10. “Notice” means written notice unless oral notice is reasonable under the circumstances.
11. “Quorum” means the number of members of a board or other body which must be present in order to make the board or other body competent to transact business in the absence of the other members.
12. “Shares” means the units into which the proprietary interests in a for-profit corporation are divided.
13. “Shareholder” means the person in whose name shares are registered in the records of the corporation.
14. “Subscriber” means a person who subscribes for shares in a corporation, whether before or after incorporation.