South Dakota Codified Laws 50-6A-17. Acquisition of airports and aviation facilities
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An authority may acquire, by purchase, gift, devise, lease, eminent domain proceedings, or otherwise, existing airports and aviation facilities. However an authority may not acquire or take over any airport or aviation facility owned or controlled by another authority, a subdivision, or public agency of this or any other state without the consent of the authority, subdivision, or public agency.
Terms Used In South Dakota Codified Laws 50-6A-17
- Devise: To gift property by will.
- 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
Source: SL 1976, ch 303, § 10 (5); SL 2018, ch 269, § 15.