47-26-7. Membership vote on plan--Meeting--Notice of meeting--Two-thirds vote required.
Where there are members entitled to vote thereon, the board of directors shall adopt a resolution recommending a plan of distribution and directing the submission thereof to a vote at a meeting of members entitled to vote thereon, which may be either an annual or a special meeting. Written notice setting forth the proposed plan of distribution or a summary thereof 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 meeting of members. Such plan of distribution shall be adopted upon receiving at least two-thirds of the votes entitled to be cast by members present or represented by proxy at such meeting.
Source: SL 1965, ch 24, ยง49 (1).
Structure South Dakota Codified Laws
Chapter 26 - Nonprofit Corporations--Dissolution And Liquidation
Section 47-26-1 - Procedure for dissolution.
Section 47-26-3 - Dissolution by board of directors in corporation without members entitled to vote.
Section 47-26-5 - Manner of distribution of assets--Particular assets--Remaining assets.
Section 47-26-6 - Plan for distribution of assets--Adoption of plan.
Section 47-26-6.1 - Notice to attorney general.
Section 47-26-7 - Membership vote on plan--Meeting--Notice of meeting--Two-thirds vote required.
Section 47-26-8 - Adoption of plan by corporation having no members entitled to vote.
Section 47-26-9 - Articles of dissolution--Time for adoption--Contents.
Section 47-26-11 - Cessation of corporate existence--Exceptions.
Section 47-26-12 - Revocation of dissolution action--Procedure.
Section 47-26-14 - Revocation in corporation having no members entitled to vote.
Section 47-26-15 - Effect of adoption of revocation resolution.
Section 47-26-19 - Venue of attorney general's action--Service of process.
Section 47-26-20 - Service by publication--Contents of publication--Newspaper of publication.
Section 47-26-22 - Power of court in liquidation proceedings--Actions by member or director.
Section 47-26-23 - Power of court in liquidation proceedings--Action by creditor.
Section 47-26-24 - Power of court in liquidation proceedings--Application by corporation.
Section 47-26-25 - Power of court in liquidation proceedings--Action by attorney general.
Section 47-26-26 - Venue of actions.
Section 47-26-27 - Proper parties to action.
Section 47-26-28 - Preservation of corporate assets--Injunctions and receivers.
Section 47-26-31 - Expenses of liquidation--Compensation of receiver--Attorneys' fees.
Section 47-26-32 - Capacity of receiver to sue and be sued--Jurisdiction of court.
Section 47-26-33 - Qualifications of receiver--Bond.
Section 47-26-35 - Discontinuance of liquidation proceedings--Redelivery of assets to corporation.
Section 47-26-36 - Decree of involuntary dissolution--Cessation of corporate existence.
Section 47-26-37 - Copy of decree filed with secretary of state--Fee.
Section 47-26-40 - Dissolution by expiration of period of duration--Extension of period of duration.