South Dakota § 58-5-55 Meetings of stockholders or members--Organization for transaction of business, quorum required.

South Dakota Statutes

§ 58-5-55 — Meetings of stockholders or members--Organization for transaction of business, quorum required.

South Dakota·Title 58 INSURANCE·Ch. 58-4A ORGANIZATION AND GENERAL POWERS OF INSURERS

A stockholders' or members' meeting duly held can be organized for the transaction of business whenever a quorum is present. Unless otherwise provided in the bylaws or articles of incorporation:

(1)The presence, in person or by proxy, of the holders of not less than ten percent of the voting power of all stockholders or of all members shall constitute a quorum;

(2)The stockholders or members present at a duly organized meeting can continue to do business until adjournment, notwithstanding the withdrawal of enough stockholders or members to leave less than a quorum;

(3)If any necessary officer fails to attend such meeting, any stockholder or member present may be elected to act temporarily in lieu of any such absent officer;

(4)In the absence of a quorum, those present may a

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A stockholders' or members' meeting duly held can be organized for the transaction of business whenever a quorum is present. Unless otherwise provided in the bylaws or articles of incorporation: (1) The presence, in person or by proxy, of the holders of not less than ten percent of the voting power of all stockholders or of all members shall constitute a quorum; (2) The stockholders or members present at a duly organized meeting can continue to do business until adjournment, notwithstanding the withdrawal of enough stockholders or members to leave less than a quorum; (3) If any necessary officer fails to attend such meeting, any stockholder or member present may be elected to act temporarily in lieu of any such absent officer; (4) In the absence of a quorum, those present may adjourn the meeting to such time as they may determine; and (5) An annual or special meeting of stockholders or members may be adjourned to another date without a new notice being given.

South Dakota § 58-5-55 (Meetings of stockholders or members--Organization for transaction of business, quorum required.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.