47-26-8. Adoption of plan by corporation having no members entitled to vote.
39 words·~1 min read·
/sd/title-47/chapter-47-26/47-26-8A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Where there are no members, or no members entitled to vote thereon, a plan of distribution shall be adopted at a meeting of the board of directors upon receiving the vote of a majority of the directors in office.