47-16-38. Expenses of maintaining action--Disposition of proceeds.
If anything is recovered or obtained as the result of an action instituted or maintained in the right of any association by any member or stockholder, whether by means of compromise and settlement or by a judgment, the court may, out of the proceeds of the action, award the plaintiff the reasonable expenses of maintaining the action, including reasonable attorney's fees, and may direct the plaintiff to account to the cooperative for the remainder of such proceeds.
Source: SDC 1939, §11.1153 (3) as enacted by SL 1965, ch 23, §1.
Structure South Dakota Codified Laws
Chapter 16 - Cooperatives--Membership, Stock And Distributions
Section 47-16-1 - Classes of members--Provisions in bylaws.
Section 47-16-2 - Annual member meeting--Time of meeting.
Section 47-16-3 - Special meetings.
Section 47-16-4 - Member meetings--Location--Virtual participation.
Section 47-16-5 - Member meetings--Notice--Virtual meeting.
Section 47-16-6 - Notice to delegates or alternates.
Section 47-16-7 - Member meetings--Quorum.
Section 47-16-8 - Action without meeting.
Section 47-16-9 - Consent to action without meeting.
Section 47-16-10 - Votes at meeting.
Section 47-16-11 - Votes by member cooperatives.
Section 47-16-12 - Vote by member owning membership stock.
Section 47-16-13 - Proxy votes--Delegate votes.
Section 47-16-14 - Member voting.
Section 47-16-15 - Voting by representatives.
Section 47-16-16 - Voting by organizations.
Section 47-16-17 - Voting rights conditioned upon membership payment.
Section 47-16-18 - Other votes prohibited.
Section 47-16-19 - Bylaws provisions for voting.
Section 47-16-20 - Percentage of vote.
Section 47-16-21 - Capital stock--Classes of stock.
Section 47-16-22 - Membership stock--Transfer of stock.
Section 47-16-23 - Cooperative dealing in own stock.
Section 47-16-24 - Consideration for stock.
Section 47-16-25 - Reacquisition of stock.
Section 47-16-26 - Stockholders' preemptive rights.
Section 47-16-27 - Stock certificates--Conditions to issuance.
Section 47-16-28 - Statements required on stock certificates.
Section 47-16-29 - Stock subscriptions--Irrevocability.
Section 47-16-30 - Liability of subscribers.
Section 47-16-31 - Missing securities--Issuance of duplicate.
Section 47-16-32 - Missing securities--Redemption--Procedure.
Section 47-16-34 - Definition of transfers and transferors.
Section 47-16-35 - Actions by stockholders or members--Allegations respecting ownership.
Section 47-16-36 - Actions by stockholders or members--Additional allegations.
Section 47-16-37 - Approval of court required for termination of action.
Section 47-16-38 - Expenses of maintaining action--Disposition of proceeds.
Section 47-16-39 - Security for costs--Amount of security.
Section 47-16-40 - Distribution of net proceeds.
Section 47-16-41 - Deductions from total proceeds.
Section 47-16-42 - Procedure for distribution.
Section 47-16-44 - Payments to employees.
Section 47-16-45 - Dividends on capital stock--Conditions to payment.
Section 47-16-46 - Distributions to patrons.
Section 47-16-47 - Creation of reserves--Credit to patrons.
Section 47-16-48 - Ratio of patronage as determining payment to patron.
Section 47-16-49 - Classification of patrons.
Section 47-16-50 - Credit to surplus and reserves.
Section 47-16-52 - Manner of payment.
Section 47-16-53 - Application of proceeds to prior losses.
Section 47-16-54 - Unclaimed credits--Forfeiture to cooperative.
Section 47-16-55 - Procedure for forfeiture--Resolution--Time limit for claim.
Section 47-16-56 - Notice to claimant--Contents of notice.
Section 47-16-57 - Notice by publication.
Section 47-16-58 - Applicability to preexisting claims.
Section 47-16-59 - Discretionary payment to claimant after forfeiture.
Section 47-16-60 - Filing false document as felony.
Section 47-16-61 - Report of forfeited sums to administrator.