South Dakota Codified Laws 49-17A-37. Grant of operating privileges and use of railroad and facilities
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Except as may be limited by the terms and conditions of any grant, loan or agreement authorized by this chapter, an authority may by contract, lease, or otherwise grant, for such consideration and term as it may determine, to any person the privilege of operating or using any railroad or railroad facilities or property, owned or controlled by the authority.
Terms Used In South Dakota Codified Laws 49-17A-37
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1978, ch 344, § 35; SL 1981, ch 333, § 3.