The provisions of chapter 47-31B do not apply to any note, bond or other evidence of indebtedness issued by any cooperative pursuant to this chapter to the United States of America or any agency or other instrumentality thereof, to any member of such cooperative, or to any mortgage, deed of trust, or other instrument executed to secure the same. Chapter 47-31B does not apply to the issuance of membership certificates or any other evidence of member interest by any cooperative or any such foreign corporation.
S.D. Codified Laws § 47-21-77
Securities regulation laws inapplicable
Known as the Electric Cooperative Law
The act spans §§ 47–47 (92 sections).
Source: SL 1947, ch 33, § 33; SDC Supp 1960, § 11.2233; SL 1971, ch 259, § 3; SL 1989, ch 30, § 77; SL 2004, ch 278, § 65.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.