South Dakota § 47-21-45 - Circumstances under which property may be transferred--Majority vote required--Transfer to security holders.

§ 47-21-45. Circumstances under which property may be transferred--Majority vote required--Transfer to security holders.

A cooperative may not, except as provided by § 47-21-44, sell, lease, or otherwise dispose of all or a substantial portion of its property unless such sale, lease, or other disposition is authorized by the affirmative vote of not less than a majority of all members of the cooperative; members voting thereon must be present and vote in person; provided however, that notwithstanding any other provision of this chapter, or any other provisions of law, the board of directors may, upon the authorization of a majority of all members of a cooperative at a meeting of the members thereof, called for that purpose, sell, lease, or otherwise dispose of all or a substantial portion of its property to another cooperative or to the holder or holders of any notes, bonds or other evidences of indebtedness issued to United States of America or any agency or instrumentality thereof or any other lender.

Source: SL 1947, ch 33, § 24; SDC Supp 1960, § 11.2224 (2); SL 1961, ch 28; SL 1971, ch 259, § 2.