South Dakota § 47-18-9 Disposal of assets--Authorization by members--Notice and approval.

South Dakota Statutes

§ 47-18-9 — Disposal of assets--Authorization by members--Notice and approval.

South Dakota § 47-18-9

Title 47CORPORATIONS

Ch. 47-18COOPERATIVES--REORGANIZATION AND DISSOLUTION

This text of South Dakota § 47-18-9 (Disposal of assets--Authorization by members--Notice and approval.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 47-18-9 (2026).

Text

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.

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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.