South Dakota § 47-21-24 Two

South Dakota Statutes

§ 47-21-24 — Two

South Dakota·Title 47 CORPORATIONS·Ch. 47-21 RURAL ELECTRIC COOPERATIVES

If the proposition for the conversion of the corporation described in § 47-21-22 into a cooperative and the proposed articles of conversion, with any amendments, are approved by the affirmative vote of not less than two - thirds of those members of such corporation voting thereon at such meeting, or, if such corporation is a stock corporation, by the affirmative vote of the holders of not less than two - thirds of those shares of the capital stock of such corporation represented at such meeting and voting thereon, or in the case of a corporation having no members and no shares of its capital stock outstanding, by the affirmative vote of not less than two - thirds of its incorporators, articles of conversion in the form approved shall be executed and acknowledged on behalf of such corporati

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If the proposition for the conversion of the corporation described in § 47-21-22 into a cooperative and the proposed articles of conversion, with any amendments, are approved by the affirmative vote of not less than two - thirds of those members of such corporation voting thereon at such meeting, or, if such corporation is a stock corporation, by the affirmative vote of the holders of not less than two - thirds of those shares of the capital stock of such corporation represented at such meeting and voting thereon, or in the case of a corporation having no members and no shares of its capital stock outstanding, by the affirmative vote of not less than two - thirds of its incorporators, articles of conversion in the form approved shall be executed and acknowledged on behalf of such corporation by its president or vice - president and its seal shall be affixed thereto and attested by its secretary. The articles of conversion shall recite that they are executed pursuant to this chapter and shall state: (1) The name of the corporation and the address of its principal office prior to its conversion into a cooperative; (2) The statute or statutes under which it was organized; (3) A statement that such corporation elects to become a cooperative, nonprofit membership corporation subject to this chapter; (4) Its name as a cooperative; (5) The address of the principal office of the cooperative; (6) The names and addresses of the directors of the cooperative; and (7) The manner in which members, stockholders or incorporators of such corporation may or shall become members of the cooperative; and may contain any provisions not inconsistent with this chapter deemed necessary or advisable for the conduct of the business of the cooperative. The president or vice - president executing such articles of conversion shall make and annex thereto an affidavit stating that the provisions of this section and § 47-21-23 were duly complied with in respect of such articles. The articles of conversion shall be deemed to be the articles of incorporation of the cooperative.

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