37-4-2. Open membership required of exchanges--Cooperatives included.
Every market described in §37-4-1, whether heretofore or hereafter organized, shall be open to membership, with equal rights and privileges with all other members, to any person, firm, company, corporation, or association desiring to deal in or trade in the commodity or commodities usually dealt in on such market, who shall make application for membership and whose methods of business operation or plan of organization shall not conflict with or contravene any reasonable rule, regulation, or bylaw of such market.
The words "company," "corporation," or "association" herein designated shall include cooperative corporations or associations organized under the laws of the State of South Dakota.
Source: SDC 1939, §54.0802.
Structure South Dakota Codified Laws
Chapter 04 - Public Commodity Exchanges
Section 37-4-1 - Exchanges subject to chapter--Small-volume exchanges exempt.
Section 37-4-2 - Open membership required of exchanges--Cooperatives included.
Section 37-4-3 - Members to comply with rules, regulations, and bylaws--Fees and assessments.
Section 37-4-4 - Exchange rules controlling distribution of member profits deemed unreasonable.
Section 37-4-5 - Denial of membership by exchange as misdemeanor--Refusal to deal with member.