South Dakota § 58-35-75 Division of farm mutual insurers--Plan.

South Dakota Statutes

§ 58-35-75 — Division of farm mutual insurers--Plan.

South Dakota § 58-35-75

Title 58INSURANCE

Ch. 58-34FARM MUTUAL INSURERS

This text of South Dakota § 58-35-75 (Division of farm mutual insurers--Plan.) 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 § 58-35-75 (2026).

Text

Any farm mutual may divide itself into two or more farm mutuals. A written plan of division shall be prepared by the board of directors or by a committee selected by the board for that purpose. The plan of division shall set forth all the terms of the division and the proposed effect of the division on all members of the farm mutual. The plan shall also contain the articles of each new farm mutual being formed, if applicable, and any amendments to the articles of the remaining farm mutual. The applicable provisions of § 58-35-60 apply to the plan of division and to the merger or integration of the divided farm mutual into another farm mutual or farm mutuals.

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Any farm mutual may divide itself into two or more farm mutuals. A written plan of division shall be prepared by the board of directors or by a committee selected by the board for that purpose. The plan of division shall set forth all the terms of the division and the proposed effect of the division on all members of the farm mutual. The plan shall also contain the articles of each new farm mutual being formed, if applicable, and any amendments to the articles of the remaining farm mutual. The applicable provisions of § 58-35-60 apply to the plan of division and to the merger or integration of the divided farm mutual into another farm mutual or farm mutuals.