South Dakota § 47-26-7 Membership vote on plan--Meeting--Notice of meeting--Two

South Dakota Statutes

§ 47-26-7 — Membership vote on plan--Meeting--Notice of meeting--Two

South Dakota § 47-26-7

Title 47CORPORATIONS

Ch. 47-26NONPROFIT CORPORATIONS--DISSOLUTION AND LIQUIDATION

This text of South Dakota § 47-26-7 (Membership vote on plan--Meeting--Notice of meeting--Two) 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 § 47-26-7 (2026).

Text

Where there are members entitled to vote thereon, the board of directors shall adopt a resolution recommending a plan of distribution and directing the submission thereof to a vote at a meeting of members entitled to vote thereon, which may be either an annual or a special meeting. Written notice setting forth the proposed plan of distribution or a summary thereof shall be given to each member entitled to vote at such meeting, within the time and in the manner provided by chapter 47-23 for the giving of notice of meeting of members. Such plan of distribution shall be adopted upon receiving at least two - thirds of the votes entitled to be cast by members present or represented by proxy at such meeting.

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Where there are members entitled to vote thereon, the board of directors shall adopt a resolution recommending a plan of distribution and directing the submission thereof to a vote at a meeting of members entitled to vote thereon, which may be either an annual or a special meeting. Written notice setting forth the proposed plan of distribution or a summary thereof shall be given to each member entitled to vote at such meeting, within the time and in the manner provided by chapter 47-23 for the giving of notice of meeting of members. Such plan of distribution shall be adopted upon receiving at least two - thirds of the votes entitled to be cast by members present or represented by proxy at such meeting.