South Dakota Codified Laws 47-21-22. Conversion of corporation into cooperative
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Any corporation organized under the laws of this state and supplying or having the corporate power to supply electric energy may be converted into a cooperative by complying with the requirements of §§ 47-21-23 and 47-21-24 and shall thereupon become subject to this chapter with the same effect as if originally organized under this chapter.
Terms Used In South Dakota Codified Laws 47-21-22
- 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.
Source: SL 1947, ch 33, § 20; SDC Supp 1960, § 11.2220.