Section 47-18-9 - Disposal of assets--Authorization by members--Notice and approval. - South-dakota Statutes

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47-18-9. Disposal of assets--Authorization by members--Notice and approval. Except as authorized by the members, the board of directors of a cooperative may not dispose of all or substantially all of the cooperative's fixed assets. At any meeting the members may authorize the disposition of all or substantially all of a cooperative's fixed assets if:
(1) Notice that such disposition will be considered at such meeting has been given to all persons entitled to vote thereon; and
(2) Such disposition has been approved by three-fourths of those voting at the meeting.

Source: SDC 1939, § 11.1130 (1) as enacted by SL 1965, ch 23, § 1.

State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-18 > Statute-47-18-9

47-18-9. Disposal of assets--Authorization by members--Notice and approval. Except as authorized by the members, the board of directors of a cooperative may not dispose of all or substantially all of the cooperative's fixed assets. At any meeting the members may authorize the disposition of all or substantially all of a cooperative's fixed assets if:
(1) Notice that such disposition will be considered at such meeting has been given to all persons entitled to vote thereon; and
(2) Such disposition has been approved by three-fourths of those voting at the meeting.

Source: SDC 1939, § 11.1130 (1) as enacted by SL 1965, ch 23, § 1.

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State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-18 > Statute-47-18-9

47-18-9. Disposal of assets--Authorization by members--Notice and approval. Except as authorized by the members, the board of directors of a cooperative may not dispose of all or substantially all of the cooperative's fixed assets. At any meeting the members may authorize the disposition of all or substantially all of a cooperative's fixed assets if:
(1) Notice that such disposition will be considered at such meeting has been given to all persons entitled to vote thereon; and
(2) Such disposition has been approved by three-fourths of those voting at the meeting.

Source: SDC 1939, § 11.1130 (1) as enacted by SL 1965, ch 23, § 1.