When the resolution for dissolution of a cooperative is adopted, either a committee designated by the resolution or the board of directors shall liquidate all assets and pay the net proceeds of such liquidation available for distribution to all persons entitled to the same by law, the articles and the bylaws.
S.D. Codified Laws § 47-18-12
Liquidation of assets--Distribution of proceeds
Source: SDC 1939, § 11.1143 (2) 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.