47-18-9. Disposal of assets--Authorization by members--Notice and approval.
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/sd/title-47/chapter-47-18/47-18-9A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.