Neither by sale under foreclosure, receivership or bankruptcy proceedings, nor by alienation in any other manner, may the property of a consumers power district become the property or come under the control of any private person, firm or corporation engaged in the business of generating, transmitting or distributing electricity for profit, by action of the directors of said district without consent of the voters of the district as expressed by a majority vote at any regular or special election called and held for such purpose. But nothing in this section contained shall prevent the district from selling any individual item of equipment, machinery, supplies or facilities which shall be considered by the directors as surplus, obsolete, or no longer necessary to the operation of the district.

Terms Used In South Dakota Codified Laws 49-37-12

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. 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 1950 (SS), ch 17, § 61; SDC Supp 1960, § 52.1760.

  Previous section
Next section  
 Chapter 37 Contents