Disposal of assets--Authorization by members--Notice and approval.
SDCL § 47-18-9
in effect47-18-9. 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.
SDC 1939, § 11.1130 (1) as enacted by SL 1965, ch 23, § 1.
Source: South Dakota Legislature (sdlegislature.gov)URL: https://sdlegislature.gov/Statutes/47-18-9Fetched: 10/20/2026