47-26-7. Membership vote on plan--Meeting--Notice of meeting--Two-thirds vote required.
124 words·~1 min read·
/sd/title-47/chapter-47-26/47-26-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Where there are members entitled to vote thereon, the board of directors shall adopt a resolution recommending a plan of distribution and directing the submission thereof to a vote at a meeting of members entitled to vote thereon, which may be either an annual or a special meeting. Written notice setting forth the proposed plan of distribution or a summary thereof shall be given to each member entitled to vote at such meeting, within the time and in the manner provided by chapter 47-23 for the giving of notice of meeting of members.
Such plan of distribution shall be adopted upon receiving at least two - thirds of the votes entitled to be cast by members present or represented by proxy at such meeting.