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Electric Cooperative Law

South Dakota · Corporations · §§ 47-21-1 to 47-21-9 · 92 sections

Overview

This act governs the formation, internal governance, and structural changes of electric cooperatives — cooperative corporations that supply electric service to their members. It fixes how the cooperative is run: the powers, election, terms, qualifications, quorum, and compensation of the board of directors (including election by district, where the bylaws divide the service area), the election and removal of officers, the required and permitted contents of the bylaws, and the circumstances under which directors, officers, agents, and employees may or may not be indemnified against liability arising from their service. It also establishes the procedures for converting an existing corporation into a cooperative and for consolidating, merging, and dissolving cooperatives — each requiring notice, a stockholder or member vote at a specified threshold, and articles filed with the secretary of state — and addresses the consequences of those changes, including the transfer of rights and obligations to a surviving cooperative, the treatment of creditors and preexisting claims, restrictions on corporate names, and the distribution of assets to patrons and members on liquidation.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

In the courts

Sections of this act have been cited in 8 court decisions.

Most-cited authority: 1998 SD 67 - Satellite Cable Services, Inc. v. Northern Electric Cooperative, Inc.

Sections covered

Enacted in other states

Pennsylvania

All South Dakota named statutes →

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