South Dakota Codified Laws 37-26-1. Definition of terms
Terms used throughout this chapter unless the context plainly requires otherwise shall mean:
(1) “Buying club,” any corporation, partnership, unincorporated association, or other business enterprise organized with the primary purpose of providing benefits to members from the cooperative purchase of services or merchandise;
Terms Used In South Dakota Codified Laws 37-26-1
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
(2) “Club,” any buying club;
(3) “Contract,” any written agreement by which one becomes a member of a club;
(4) “Member,” any status by which any natural person is entitled to any of the benefits of a club;
(5) “Prepayment,” any payment greater than twenty–five dollars for service, merchandise or membership made before the service is rendered. Money received by a club from a financial institution upon assignment of a contract shall be considered prepayment when and to the extent the member is required to make prepayments to the financial institution pursuant to the contract.
Source: SL 1975, ch 246, § 1.