S.D. Codified Laws § 47-18-12

Current through the 2024 Legislative Session

Section 47-18-12 - Liquidation of assets-Distribution of proceeds

When the resolution for dissolution of a cooperative is adopted, either a committee designated by the resolution or the board of directors shall liquidate all assets and pay the net proceeds of such liquidation available for distribution to all persons entitled to the same by law, the articles and the bylaws.

SDCL 47-18-12

SDC 1939, § 11.1143 (2) as enacted by SL 1965, ch 23, § 1.