South Dakota § 47-16-32 - Missing securities--Redemption--Procedure.
Full text of South Dakota South Dakota Codified Laws § 47-16-32 — Missing securities--Redemption--Procedure., with citation guidance and answers to common questions.
§ 47-16-32. Missing securities--Redemption--Procedure.
If records of a cooperative showing ownership of securities or apportionment of equity interest in the assets are missing and the information contained in such records is necessary to a proposed redemption of the interest, the cooperative may give notice and redeem as follows:
(1) The cooperative shall set aside an amount equal to the value of the interests to be redeemed;
(2) The cooperative shall give notice of such redemption to all owners of interests of which the cooperative has knowledge;
(3) If there are interests, the ownership of which is unknown to the cooperative, it shall publish notice of the redemption at least once in a newspaper of general circulation in the county of this state in which is located the last known address of each person to be named in the notice. If no address is listed or the address is outside this state, the notice shall be published in the county in which the holder of the property has its principal place of business within this state; and
(4) Any unclaimed outstanding interest represented by the missing records may then be terminated in accordance with §§ 47-16-54 to 47-16-59, inclusive.
Source: SDC 1939, § 11.1121 (2) as enacted by SL 1965, ch 23, § 1; SL 2012, ch 224, § 1.
Frequently Asked Questions About South Dakota § 47-16-32
What does South Dakota Codified Laws § 47-16-32 cover?
Section 47-16-32 ("Missing securities--Redemption--Procedure.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 47-16-32?
A common citation format is "South Dakota Codified Laws § 47-16-32" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 47-16-32 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.