47-18-15. Involuntary dissolution--Action by attorney general--Grounds for involuntary dissolution.
A cooperative may be dissolved involuntarily by a decree of the circuit court where the principal office or registered agent is located in an action commenced by the attorney general when it is established that:
(1)The cooperative's certificate of incorporation was procured through fraud; or
(2)The cooperative has continued to exceed or abuse the authority conferred upon it by chapters 47-15 to 47-20, inclusive; or
(3)The cooperative failed to comply with a court order for the production of books, records, or other documents of the cooperative as provided in §47-20-3.
Source: SDC 1939, §11.1144 (1) as enacted by SL 1965, ch 23, §1; SL 1989, ch 390, §5.
Structure South Dakota Codified Laws
Chapter 18 - Cooperatives--Reorganization And Dissolution
Section 47-18-1 - Merger or consolidation--Preparation of plan--Approval of plan.
Section 47-18-2 - Articles of merger or consolidation--Contents--Effective date.
Section 47-18-3 - Effect of merger or consolidation--Surviving cooperative.
Section 47-18-4 - Rights and duties of surviving cooperative.
Section 47-18-5 - Amendment of surviving cooperative's articles.
Section 47-18-5.1 - Merger or consolidation of cooperative and its subsidiary.
Section 47-18-6 - Division of cooperative--Plan of division--Approval of plan.
Section 47-18-7 - Manner of approval of plan.
Section 47-18-8 - Articles of division--Contents and filing.
Section 47-18-9 - Disposal of assets--Authorization by members--Notice and approval.
Section 47-18-10 - Mortgaging assets to secure payment of debts.
Section 47-18-11 - Voluntary dissolution--Notice and approval.
Section 47-18-12 - Liquidation of assets--Distribution of proceeds.
Section 47-18-13 - Certificate of dissolution--Contents of certificate.
Section 47-18-14 - Filing and recording certificate of dissolution.
Section 47-18-16 - Default cured prior to entry of decree--Abatement of action.
Section 47-18-16.2 - Petition for reinstatement--Filing fee--Penalty for expired years.
Section 47-18-16.3 - Administrative dissolution of cooperative.
Section 47-18-16.5 - Application for reinstatement.
Section 47-18-16.6 - Denial of reinstatement--Appeal--Court action.
Section 47-18-17 - Liquidation of assets by court--Proper parties to bring action.
Section 47-18-18 - Power and authority of court--Appointment of receiver.
Section 47-18-19 - Creditors' claims--Notice--Time for filing.
Section 47-18-20 - Decree of dissolution--Filing and recording.
Section 47-18-21 - Action as staying all other proceedings.
Section 47-18-22 - Dismissal of action.
Section 47-18-24 - Appointment of trustee for property.
Section 47-18-25 - Court supervision of trustee.
Section 47-18-27 - Dissolution as not impairing preexisting rights--Time limitation.