47-15-46. Duration of existence of preexisting cooperatives.
Cooperatives organized prior to July 1, 1965 under the provisions of chapter 4.16 or 11.10 or 11.11 of the South Dakota Code of 1939 or amendments thereof are granted perpetual existence irrespective of the period of existence set forth in the articles of incorporation. Any such cooperative may nevertheless amend its articles to provide for a limited period of existence.
Source: SDC 1939, §11.1105 (2) as enacted by SL 1965, ch 23, §1; SL 1966, ch 16, §1.
Structure South Dakota Codified Laws
Chapter 15 - Cooperatives--Formation And General Powers
Section 47-15-1 - Definitions.
Section 47-15-2 - Purposes--Banking and insurance prohibited.
Section 47-15-3 - Requisites for formation.
Section 47-15-4 - Articles of incorporation--Contents.
Section 47-15-5 - Particular provisions in articles or bylaws.
Section 47-15-6 - Filing articles with secretary of state--Beginning of corporate existence.
Section 47-15-8 - Amendment of articles--Majority vote required.
Section 47-15-9 - Procedure for amending articles.
Section 47-15-10 - Filing with secretary of state--Certificate of amendment.
Section 47-15-11 - Effect of amendment.
Section 47-15-12 - Articles and bylaws--Action to invalidate amendment--Limitations.
Section 47-15-13 - Bankruptcy proceeding as amendment.
Section 47-15-14 - Amendment converting corporation to cooperative.
Section 47-15-15 - Adoption of restated articles.
Section 47-15-16 - Bylaws--Adoption and amendment.
Section 47-15-17 - Bylaws--Majority vote.
Section 47-15-20 - Offices and agents of preexisting cooperatives.
Section 47-15-27 - Powers of cooperatives--Existence.
Section 47-15-28 - Powers of cooperatives--Actions.
Section 47-15-29 - Powers of cooperatives--Seals.
Section 47-15-30 - Powers of cooperatives--Contracts--Encumbrances.
Section 47-15-31 - Powers of cooperatives--Securities holdings.
Section 47-15-32 - Powers of cooperatives--Investments and lending.
Section 47-15-33 - Powers of cooperatives--Territorial.
Section 47-15-34 - Powers of cooperatives--Officers and agents.
Section 47-15-35 - Powers of cooperatives--Bylaws.
Section 47-15-36 - Powers of cooperatives--Donations.
Section 47-15-37 - Powers of cooperatives--Indemnification of agents.
Section 47-15-38 - Powers of cooperatives--Cessation of activities.
Section 47-15-39 - Powers of cooperatives--Effectuation of purpose.
Section 47-15-40 - Promotion expenses--Commissions on stock sales--Limitations.
Section 47-15-41 - Use of term "cooperative".
Section 47-15-42 - Unauthorized use of term "cooperative" as petty offense.
Section 47-15-43 - Injunction against unauthorized use of term "cooperative".
Section 47-15-44 - Cooperatives governed by chapter--Preexisting cooperatives.
Section 47-15-45 - Continuation of preexisting cooperatives.
Section 47-15-46 - Duration of existence of preexisting cooperatives.
Section 47-15-47 - Method of giving notice--Waiver of notice.
Section 47-15-48 - Cooperatives governed by other laws.
Section 47-15-49 - Severability and saving clause.