47-25-25. Vote upon transfer of corporate assets--Notice of meeting--Contents of notice.
Where there are members entitled to vote thereon, the board of directors shall adopt a resolution recommending a sale, lease, exchange, mortgage, pledge, or other disposition described by §47-25-24 and directing that it be submitted to a vote at a meeting of members entitled to vote thereon, which may be either an annual or a special meeting. Written notice stating that the purpose, or one of the purposes, of such meeting is to consider the sale, lease, exchange, mortgage, pledge, or other disposition of all, or substantially all, the property and assets of the corporation shall be given to each member entitled to vote at such meeting, within the time and in the manner provided by chapter 47-23 for the giving of notice of meetings of members.
Source: SL 1965, ch 24, §46 (1).
Structure South Dakota Codified Laws
Chapter 25 - Nonprofit Corporations--Reorganization
Section 47-25-1 - Merger of corporations--Plan of merger--Contents of plan.
Section 47-25-2 - Amendment of surviving corporation's articles.
Section 47-25-3 - Consolidation of corporations--Plan of consolidation--Contents of plan.
Section 47-25-4 - Articles of consolidation as governing new corporation.
Section 47-25-5 - Adoption of plan of merger or consolidation.
Section 47-25-7 - Two-thirds vote required for approval.
Section 47-25-8 - Corporations having no members entitled to vote--Approval by directors.
Section 47-25-9 - Abandonment of merger or consolidation plan.
Section 47-25-12 - Effective date of merger or consolidation.
Section 47-25-13 - Formation of single corporation--Surviving corporation.
Section 47-25-14 - Cessation of previous corporate existence.
Section 47-25-15 - Rights and duties of surviving corporation.
Section 47-25-18 - Merger or consolidation involving foreign corporation.
Section 47-25-21 - Effect of merger or consolidation of foreign and domestic corporation.
Section 47-25-22 - Surviving corporation as governed by foreign law.
Section 47-25-23 - Abandonment of merger or consolidation.
Section 47-25-24 - Transfer of substantially all corporate assets.
Section 47-25-25 - Vote upon transfer of corporate assets--Notice of meeting--Contents of notice.
Section 47-25-26 - Authorization of transfer by members--Two-thirds vote required.
Section 47-25-27 - Abandonment of transfer plan after vote of members--Rights of third parties.
Section 47-25-28 - Authorization for transfer in corporation having no members entitled to vote.