The initial board of directors of a domestic mutual insurer shall adopt bylaws, subject to the approval of the insurer's members at the next succeeding meeting by a two-thirds vote of those present in person or by proxy. The members shall have power by a two-thirds vote of those present in person or by proxy to make, modify, and revoke bylaws.
S.D. Codified Laws § 58-5-39
Bylaws of domestic mutual insurer--Adoption, modification, and revocation
Source: SL 1966, ch 111, ch 16, § 16 (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.