The petition for the organization of a consumers power district shall be addressed to the secretary of state and shall state in substance that it is the intent and purpose of the petitioners to create such a district under the provisions of this chapter subject to approval by the registered voters of the proposed district. The petition shall be circulated by an elector or electors of the proposed district and shall state and contain:

(1) The name of the proposed district, which name shall contain the words, consumers power district;

(2) A description of or map or diagram of the proposed district. The name of any municipality shall be a sufficient description of the boundaries thereof;

(3) A general description of the nature of the business which the proposed district intends to engage in, and the location and method of operation of any proposed power plants, systems and facilities stated in general terms only;

(4) The location of the principal place of business of the proposed district;

(5) A statement that the proposed district does not have the power to levy taxes nor to issue general obligation bonds;

(6) A statement that none of the individual members or patrons of the district or any of their property shall ever be liable in any manner for any obligation of the district;

(7) A statement that the district shall always operate on public service, nonprofit principles for the general purposes of providing equality of distribution of electric energy to all the people and areas entitled to its benefits at the lowest obtainable cost so far as practicable under the provisions of this chapter. Plant extension, improvements, maintenance, or operation reserves are not considered as profit;

(8) The names and addresses of the members of the board of directors of the district (not less than five nor more than twenty–one unless the district comprises or proposes to operate in more than fifty counties in the state, in which case the number may not be less than seven), who shall serve until their successors are elected and qualified. In the petition the directors named shall be divided as nearly as possible into three equal groups, the members of the first group to hold office until their successors elected at the first general state election thereafter have qualified, the members of the second group to hold office until their successors elected at the second general state election thereafter have qualified, and the members of the third group to hold office until their successors elected at the third general state election thereafter shall have qualified. The group to which each proposed director belongs shall be designated in the petition;

(9) If the proposed district is a municipality, a statement that the entire municipality is included within the proposed district.

Source: SL 1950 (SS), ch 17, § 7; SDC Supp 1960, § 52.1707; SL 1998, ch 276, § 1.