An operating agreement pursuant to § 35-4-22 shall include at least the provisions required by subdivisions 35-4-21(1) to (4), inclusive, and (6), and shall also provide that the manager shall receive as full consideration under the agreement a percentage of the fixed markup from the off-sale establishment under his or her management as agreed upon by the governing board of the municipality and the manager after establishing a fixed markup in excess of the actual cost of all liquors supplied by the municipal off-sale licensee. The actual cost shall include cost price and transportation charges. The markup percentage shall be mutually agreed upon by both parties.

Source: SDC 1939, § 5.0204 (9) (c) as added by SL 1961, ch 15; SL 1971, ch 211, § 53; SL 2008, ch 37, § 171.