47-16-55. Procedure for forfeiture--Resolution--Time limit for claim.
A motion or resolution may be passed or adopted by the board of directors of a cooperative declaring the forfeiture of any money or property described in §47-16-54 unless the same is claimed by the person or persons entitled thereto within six months after notice of such forfeiture is given.
Source: SDC 1939, §11.1132 (1) 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.