Stockholders of a cooperative as such have no preemptive right to purchase additional stock.
S.D. Codified Laws § 47-16-26
Stockholders' preemptive rights
Source: SDC 1939, § 11.1118 (5) as enacted by SL 1965, ch 23, § 1.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.