South Dakota § 47-21-35 Dissolution before commencement of business--Articles of dissolution--Majority approval required--Contents of articles.

South Dakota Statutes

§ 47-21-35 — Dissolution before commencement of business--Articles of dissolution--Majority approval required--Contents of articles.

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

A cooperative which has not commenced business may be dissolved by delivering to the secretary of state articles of dissolution which shall be executed and acknowledged on behalf of the cooperative by a majority of the incorporators and which shall state:

(1)The name of the cooperative;

(2)The address of its principal office;

(3)That the cooperative has not commenced business;

(4)That any sums received by the cooperative, less any part thereof disbursed for expenses of the cooperative, have been returned or paid to those entitled thereto;

(5)That no debt of the cooperative is unpaid; and (6) That a majority of the incorporators elect that the cooperative be dissolved.

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A cooperative which has not commenced business may be dissolved by delivering to the secretary of state articles of dissolution which shall be executed and acknowledged on behalf of the cooperative by a majority of the incorporators and which shall state: (1) The name of the cooperative; (2) The address of its principal office; (3) That the cooperative has not commenced business; (4) That any sums received by the cooperative, less any part thereof disbursed for expenses of the cooperative, have been returned or paid to those entitled thereto; (5) That no debt of the cooperative is unpaid; and (6) That a majority of the incorporators elect that the cooperative be dissolved.

South Dakota § 47-21-35 (Dissolution before commencement of business--Articles of dissolution--Majority approval required--Contents of articles.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.