Where there are no members, or no members entitled to vote thereon, a plan of distribution shall be adopted at a meeting of the board of directors upon receiving the vote of a majority of the directors in office.
S.D. Codified Laws § 47-26-8
Adoption of plan by corporation having no members entitled to vote
Source: SL 1965, ch 24, § 49 (2).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.