§ 58-35-8 Articles of incorporation--Contents.

SD Codified L § 58-35-8 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

58-35-8. Articles of incorporation--Contents. The articles of incorporation required by § 58-35-7 shall state:

(1) The name of the corporation, which shall include the words "farm mutual" and if a county mutual insurer the name of the county of its principal place of business;

(2) If a county mutual insurer, the name of the counties in which the corporation intends to do business and the address of its principal business office;

(3) If a state mutual insurer, the location of its principal business office, which must be located in this state;

(4) The purposes for which the corporation is formed;

(5) If it will transact business on a cash premium plan or an assessment plan;

(6) The duration of its existence, which may be perpetual;

(7) The number of its directors, which shall be not less than five nor more than eleven; the names and addresses of the persons constituting the initial board of directors who shall serve until the first annual meeting of the members, and until their successors are elected and qualified; and

(8) The names, residences and addresses of the incorporators and the value of their property desired to be insured.Source: SL 1966, ch 111, ch 17, § 8 (2).

Previous Section

§ 58-35-7 Declaration of intent to incorporate, filing--Proposed articles of incorporation, execution.

Next Section

§ 58-35-9 Fee for filing articles of incorporation.