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§ 47-25-26 Authorization of transfer by members--Two-thirds vote required.

SD Codified L § 47-25-26 (2019) (N/A)
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47-25-26. Authorization of transfer by members--Two-thirds vote required. At the meeting required by § 47-25-25 the members may authorize the sale, lease, exchange, mortgage, pledge, or other disposition described by § 47-25-24 and may fix, or may authorize the board of directors to fix, any or all of the terms and conditions thereof and the consideration to be received by the corporation therefor. Such authorization shall require the vote of 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, § 46 (1).

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§ 47-25-25 Vote upon transfer of corporate assets--Notice of meeting--Contents of notice.
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§ 47-25-27 Abandonment of transfer plan after vote of members--Rights of third parties.