South Dakota Codified Laws 47-26-7. Membership vote on plan–Meeting–Notice of meeting–Two-thirds vote required
Where there are members entitled to vote thereon, the board of directors shall adopt a resolution recommending a plan of distribution and directing the submission thereof to a vote at a meeting of members entitled to vote thereon, which may be either an annual or a special meeting. Written notice setting forth the proposed plan of distribution or a summary thereof shall be given to each member entitled to vote at such meeting, within the time and in the manner provided by chapter 47-23 for the giving of notice of meeting of members. Such plan of distribution shall be adopted upon receiving at least two–thirds of the votes entitled to be cast by members present or represented by proxy at such meeting.
Terms Used In South Dakota Codified Laws 47-26-7
- 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
Source: SL 1965, ch 24, § 49 (1).