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S.D. Codified Laws § 47-18-9

Disposal of assets--Authorization by members--Notice and approval

Source: SDC 1939, § 11.1130 (1) as enacted by SL 1965, ch 23, § 1.

Except as authorized by the members, the board of directors of a cooperative may not dispose of all or substantially all of the cooperative's fixed assets. At any meeting the members may authorize the disposition of all or substantially all of a cooperative's fixed assets if:

(1) Notice that such disposition will be considered at such meeting has been given to all persons entitled to vote thereon; and

(2) Such disposition has been approved by three-fourths of those voting at the meeting.

Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.