South Dakota Codified Laws 49-37-1. Usual corporate powers–Power to hold property in conduct of business–Authority to promote district
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Subject to the limitations of the petition for its creation and all amendments thereto, a consumers power district shall have all the usual powers of a corporation for public purposes and may purchase, hold, sell, and lease, as lessor or lessee, personal property and real estate, reasonably necessary for the conduct of its business, and may receive and hold property by gift, grant, will, exchange, or otherwise. A consumers power district may expend its money and use its assets and property to promote the district in any manner as the board of directors may determine.
Terms Used In South Dakota Codified Laws 49-37-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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 1950 (SS), ch 17, § 39; SDC Supp 1960, § 52.1739; SL 1989, ch 403, § 19.