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·Title 47 CORPORATIONS·Ch. 47-18 COOPERATIVES--REORGANIZATION AND DISSOLUTION

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.

South Dakota § 47-18-9 (Disposal of assets--Authorization by members--Notice and approval.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.