46A-9-18. Board of directors--Qualification upon filing certificate of organization--Vacancy created by failure to qualify--First meeting. Immediately upon the filing of said certificate in the Office of the Secretary of State and a certified copy thereof in the office of each such county auditor, the members of the board of directors named in the petition shall qualify as provided for in this chapter and immediately assume the duties of their office. Failure or refusal to qualify within a period of fifteen days thereafter shall be deemed to create a vacancy which shall be filled as in this chapter provided. The first meeting of the board of directors shall be called by the director first named in the petition who qualifies.
Source: SL 1939, ch 291, § 4; SL 1943, ch 310; SDC Supp 1960, § 61.1304 (1); SDCL, § 46-16-17.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
