770. PERSONAL LIABILITY OF OFFICERS OF CORPORATION FAILING TO FILE RETURNS OR PAY TAX - SECURITY IN LIEU OF LIABILITY - BONDED MUNCIPAL OFFICIALS EXEMPT.

If a corporation subject to tax under this Chapter fails for any reason to file the required returns or to pay the tax due, any of its officers having control, or supervision of, or charged with the responsibility for making such returns and payments shall be personally liable for such failure. The dissolution of a corporation shall not discharge an officer’s liability and may be assessed and collected as provided by law. If the corporate officers elect not to be personally liable for the failure to file the required returns or to pay the tax due, the corporation shall provide the Tax Commission with a surety bond or certificate of deposit as security for payment of any tax that may become due. The bond or certificate of deposit provided for in this section shall be in an amount equal to the estimated annual gross receipts multiplied by the applicable sales or excise tax rate. This section does not apply to elected or appointed officials of a municipality if they are bonded pursuant to SDCL § 9-14-6 and § 9-14-6.1.