South Dakota Codified Laws
Chapter 18 - Cooperatives--Reorganization And Dissolution
Section 47-18-16.4 - Notice of grounds for dissolution--Time limit for corrections--Subsequent existence--Authority of agent.

47-18-16.4. Notice of grounds for dissolution--Time limit for corrections--Subsequent existence--Authority of agent.
If the secretary of state determines that one or more grounds exist under §47-18-16.3 for dissolving a cooperative, he shall serve the cooperative with written notice of his determination under §47-15-22. If the cooperative does not correct each ground for dissolution or demonstrate to the reasonable satisfaction of the secretary of state that each ground determined by the secretary of state does not exist within sixty days after service of the notice is perfected, the secretary of state shall administratively dissolve the cooperative by signing a certificate of dissolution that recites the ground or grounds for dissolution and its effective date. The secretary of state shall file the original of the certificate and serve a copy on the cooperative under §47-15-22. A cooperative administratively dissolved continues its corporate existence but may not carry on any business except that necessary to wind up and liquidate its business and affairs under this chapter. Administrative dissolution of a cooperative does not terminate the authority of its registered agent.

Source: SL 1989, ch 390, §8.

Structure South Dakota Codified Laws

South Dakota Codified Laws

Title 47 - Corporations

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 47-18-15 - Involuntary dissolution--Action by attorney general--Grounds for involuntary 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 47-18-16.4 - Notice of grounds for dissolution--Time limit for corrections--Subsequent existence--Authority of agent.

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 47-18-26 - Assets distributable to unknown persons--Deposit in state treasury--Subsequent claim--Time limitation.

Section 47-18-27 - Dissolution as not impairing preexisting rights--Time limitation.

Section 47-18-28 - Filing false document as felony.