South Dakota Codified Laws 46A-9-40. Powers of corporation for public purposes–Acquisition and disposition of property
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The water user district has all the usual powers of a corporation for public purposes. The district may acquire by purchase, gift, condemnation, or other lawful means and may hold any real or personal property reasonably necessary for the conduct of its business, or may lease such property for its proper purposes. The district may sell, lease, or otherwise dispose of such property if not needed by the district.
Terms Used In South Dakota Codified Laws 46A-9-40
- 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.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1939, ch 291, § 7; SDC Supp 1960, § 61.1307 (1); SDCL § 46-16-39; SL 2011, ch 165, § 478.