§ 47-17-4 First directors as temporary board--Election of permanent directors--Territorial directors--Directors' terms of office--Alternates.

SD Codified L § 47-17-4 (2019) (N/A)

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47-17-4. First directors as temporary board--Election of permanent directors--Territorial directors--Directors' terms of office--Alternates. The directors of a cooperative constituting the temporary board, named in the articles, shall hold office until the first member meeting. At that meeting and thereafter, directors shall be elected by a majority of the members present at a duly called meeting of the members in the manner and for the terms provided in the bylaws. If the bylaws provide that directors be from specified territorial districts, the articles may limit voting for any director to members from within the territorial district from which such director is to be elected. The bylaws may provide that directors may be elected at district director election meetings held for said purpose. Unless the bylaws provide otherwise, a director's term of office shall be one year. Each director shall hold office for the term for which elected and until his successor takes office. The bylaws may permit selection of alternates to take the place of directors absent at a meeting of the board.

Source: SDC 1939, § 11.1123 (3) as enacted by SL 1965, ch 23, § 1; SL 2000, ch 220, § 5.

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§ 47-17-3 Number of directors.

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§ 47-17-4.1 Use of funds or employee activity to promote election to office prohibited--Directors and officers permitting violation subject to civil fine.