reglab/housing_qa huggingface dataset:
SD Codified L § 47-16-51 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 16 - Cooperatives Membership, Stock And Distributions|Section 47-16-51 - Remaining funds--Distribution to patrons--Distinction between members and nonmembers--Classification of patrons.

47-16-51. Remaining funds--Distribution to patrons--Distinction between members and nonmembers--Classification of patrons.If the articles or bylaws of a cooperative so provide, none of the remainder of the net proceeds after credits pursuant to §47-16-50 shall constitute income to the cooperative, but all thereof shall be distributed and paid in accordance with the ratio which individual patronage bears to total patronage, either to all patrons, to member patrons only, or to all patrons with nonmembers receiving a lower proportion than members, as the bylaws may provide. There shall be no other distinction between members and nonmembers, but distribution may be based on business done with particular departments, or in particular commodities, supplies, or services, or upon classification of business according to type or nature thereof. Source: SDC 1939, §11.1131 (4) (b) as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-16-52 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 16 - Cooperatives Membership, Stock And Distributions|Section 47-16-52 - Manner of payment.

47-16-52. Manner of payment.The distribution and payment of net proceeds of a cooperative under §§47-16-46 to 47-16-51, inclusive, may be in cash, credits, stock, certificates or interest, revolving fund certificates, letters of advice, or other certificates or securities of the cooperative or of other associations or corporations, in other property, or in any combination thereof. Source: SDC 1939, §11.1131 (5) as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-16-53 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 16 - Cooperatives Membership, Stock And Distributions|Section 47-16-53 - Application of proceeds to prior losses.

47-16-53. Application of proceeds to prior losses.All or any part of the net proceeds of a cooperative may be applied to losses incurred in prior years, and the bylaws may also include any reasonable provisions for the apportionment of losses. Source: SDC 1939, §11.1131 (6) as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-16-54 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 16 - Cooperatives Membership, Stock And Distributions|Section 47-16-54 - Unclaimed credits--Forfeiture to cooperative.

47-16-54. Unclaimed credits--Forfeiture to cooperative.Any share of corporate stock membership, credit, dividend, profit, patronage refund, distribution, interest, payment, or other money or property right held by a cooperative for, or owing by it to, a member, stockholder, or participating patron, or other person or persons entitled thereto, who has not within six years claimed the same or corresponded in writing with the cooperative concerning the same may be forfeited to the cooperative in the manner provided by §§47-16-55 to 47-16-59, inclusive. Source: SDC 1939, §11.1132 as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-16-55 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 16 - Cooperatives Membership, Stock And Distributions|Section 47-16-55 - Procedure for forfeiture--Resolution--Time limit for claim.

47-16-55. Procedure for forfeiture--Resolution--Time limit for claim.A motion or resolution may be passed or adopted by the board of directors of a cooperative declaring the forfeiture of any money or property described in §47-16-54 unless the same is claimed by the person or persons entitled thereto within six months after notice of such forfeiture is given. Source: SDC 1939, §11.1132 (1) as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-16-56 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 16 - Cooperatives Membership, Stock And Distributions|Section 47-16-56 - Notice to claimant--Contents of notice.

47-16-56. Notice to claimant--Contents of notice.If the name and address of any person entitled to receive the money or property mentioned in §47-16-54 is shown on the records of the cooperative, and the money or property is of the value of fifty dollars or more, a notice shall be mailed or electronically transmitted to each person at the last known address. The notice shall describe the money or property referred to, state the name of each person who appears to be entitled to money or property as shown by the records of the cooperative, and state that the money or property will be forfeited to the cooperative six months from the date the notice is mailed or electronically transmitted unless the money or property is claimed and proper evidence of ownership is submitted within that time. The notice shall be dated and signed and mailed or electronically transmitted on behalf of the cooperative by its secretary or any other duly authorized individual. Source: SDC 1939, §11.1132 (2) as enacted by SL 1965, ch 23, §1; SL 2018, ch 260, §7.
SD Codified L § 47-16-57 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 16 - Cooperatives Membership, Stock And Distributions|Section 47-16-57 - Notice by publication.

47-16-57. Notice by publication.If the name or address of any person entitled to receive the money or property described in §47-16-54 is not shown upon the records of the cooperative, or if the name or address is known by the cooperative's secretary to be incorrect, then the cooperative shall publish a notice at least once in a newspaper of general circulation in the county of this state in which is located the last known address of each person to be named in the notice. If no address is listed or the address is outside this state, the notice shall be published in the county in which the holder of the property has its principal place of business within this state. No cooperative is required to publish any item that is less than one hundred twenty-five dollars, unless the cooperative considers the publication to be in the interest of the cooperative. The notice may state that the forfeiture becomes effective six months after the first publication. Source: SDC 1939, §11.1132 (3) as enacted by SL 1965, ch 23, §1; SL 2012, ch 224, §2; SL 2013, ch 230, §1.
SD Codified L § 47-16-58 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 16 - Cooperatives Membership, Stock And Distributions|Section 47-16-58 - Applicability to preexisting claims.

47-16-58. Applicability to preexisting claims.Sections 47-16-54 to 47-16-57, inclusive, apply to all money or property described in §47-16-54, payment or delivery of which was authorized either before or after July 1, 1965. Source: SDC 1939, §11.1132 (4) as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-16-59 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 16 - Cooperatives Membership, Stock And Distributions|Section 47-16-59 - Discretionary payment to claimant after forfeiture.

47-16-59. Discretionary payment to claimant after forfeiture.Notwithstanding the forfeiture of any money or property as provided in §§47-16-54 to 47-16-58, inclusive, the board of directors, in its discretion, at any time after such forfeiture, may authorize the payment of any such money, or delivery of any such property, to the person or persons who would have been entitled to receive the same in the absence of such forfeiture. Source: SDC 1939, §11.1132 (5) as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-16-60 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 16 - Cooperatives Membership, Stock And Distributions|Section 47-16-60 - Filing false document as felony.

47-16-60. Filing false document as felony.A person who files, or causes to be filed, a document required to be filed by this chapter, which he knows to be materially false in any respect, is guilty of a Class 6 felony. Source: SL 1983, ch 15, §38.
SD Codified L § 47-16-61 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 16 - Cooperatives Membership, Stock And Distributions|Section 47-16-61 - Report of forfeited sums to administrator.

47-16-61. Report of forfeited sums to administrator.Cooperatives organized pursuant to chapters 47-15 and 47-21 shall report to the administrator all sums forfeited pursuant to procedures as provided in §§47-16-54 to 47-16-59, inclusive. A municipally owned utility which provides for forfeiture of unclaimed property by ordinance shall deposit sums forfeited to its treasury and annually report such deposits to the administrator. Source: SL 1992, ch 312, §40.
SD Codified L § 47-17-1 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-1 - Board of directors as manager of cooperative--Qualifications of directors.

47-17-1. Board of directors as manager of cooperative--Qualifications of directors.The business and affairs of a cooperative shall be managed by a board of directors. Each director shall be a member or a representative of a member who is an entity member. The bylaws shall prescribe any other qualifications for directors and may provide that directors be from specified territorial districts. Source: SDC 1939, §11.1123 (1) as enacted by SL 1965, ch 23, §1; SL 2018, ch 260, §8.
SD Codified L § 47-17-2 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-2 - Compensation of directors.

47-17-2. Compensation of directors.Unless the bylaws of a cooperative provide otherwise, only the members may establish compensation or other benefits for a director, not available generally to officers and employees, for services as director. Source: SDC 1939, §11.1128 (1) as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-17-3 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-3 - Number of directors.

47-17-3. Number of directors.The number of directors of a cooperative shall not be less than five, provided that in a cooperative with less than fifty members, the number of directors shall not be less than three. Subject to such limitation, the number shall be fixed in the articles, or if the articles so provide, in the bylaws. Source: SDC 1939, §11.1123 (2) as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-17-4 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-4 - First directors as temporary board--Election of permanent directors--Territorial directors--Directors' terms of office--Alternates.

47-17-4. First directors as temporary board--Election of permanent directors--Territorial directors--Directors' terms of office--Alternates. The directors of a cooperative constituting the temporary board, named in the articles, shall hold office until the first member meeting. At that meeting and thereafter, at or in conjunction with the annual member meeting, directors shall be elected by a majority of the members voting in the manner and for the terms provided in the bylaws. If the bylaws provide that directors be from specified territorial districts, the articles may limit voting for any director to members from within the territorial district from which the director is to be elected. The bylaws may provide that directors may be elected at district director election meetings held for said purpose. Unless the bylaws provide otherwise, a director's term of office is one year. Each director holds office for the term for which elected and until the director's successor takes office. The bylaws may permit selection of alternates to take the place of directors absent at a meeting of the board. Source: SDC 1939, §11.1123 (3) as enacted by SL 1965, ch 23, §1; SL 2000, ch 220, §5; SL 2021, ch 194, § 6.
SD Codified L § 47-17-4.1 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-4.1 - Use of funds or employee activity to promote election to office prohibited--Directors and officers permitting violation subject to civil fine.

47-17-4.1. Use of funds or employee activity to promote election to office prohibited--Directors and officers permitting violation subject to civil fine.No cooperative funds may be used, nor any stock issued, to promote, encourage, or publicly favor the candidacy, election, or reelection of any member to any elective office within the cooperative. No employee of a cooperative may promote, encourage or publicly favor the candidacy, election, or reelection of any member to any elective office within the cooperative, provided that this shall not be construed to deprive employees, who are also members, of the right to vote in cooperative elections.Directors and officers of any cooperative who knowingly permit such use of funds or employee activity are subject to a civil fine of not more than five hundred dollars for each offense. Source: SL 1968, ch 11, §§1, 2; SL 1983, ch 15, §40; SL 1983, ch 331, §4.
SD Codified L § 47-17-5 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-5 - Removal of directors.

47-17-5. Removal of directors.Unless the bylaws of a cooperative provide otherwise, a director may be removed upon a majority vote of all members. Source: SDC 1939, §11.1123 (4) as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-17-6 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-6 - Vacancies on board of directors.

47-17-6. Vacancies on board of directors.Unless the bylaws of a cooperative provide otherwise, any vacancy existing in the board of directors may be filled until the next annual meeting by appointment by a majority vote of the directors then in office. Source: SDC 1939, §11.1123 (5) as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-17-7 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-7 - Liability of directors for improper distribution of assets.

47-17-7. Liability of directors for improper distribution of assets.Directors of cooperatives who negligently or in bad faith vote for any distribution of assets contrary to chapters 47-15 to 47-20, inclusive, or the articles are jointly and severally liable to the cooperative for the value of assets distributed in excess of the amount which could have been distributed without violating said chapters or the articles. Source: SDC 1939, §11.1129 as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-17-7.1 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-7.1 - Directors not liable for distribution in good faith reliance on financial statements or accountant's representation.

47-17-7.1. Directors not liable for distribution in good faith reliance on financial statements or accountant's representation.A director of a cooperative shall not be liable for any unauthorized dividend or distribution of assets if he relied and acted in good faith upon financial statements of the cooperative represented to him to be correct by the president or the officer of the cooperative having charge of his books of account, or stated in a written report by a certified public accountant failing to reflect the financial condition of the cooperative, nor shall he be so liable if in good faith in determining the amount available for any such dividend or distribution he considered the assets to be of their book value. Source: SL 1978, ch 338, §3.
SD Codified L § 47-17-8 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-8 - Board meetings.

47-17-8. Board meetings. The board of directors of a cooperative shall provide that board meetings are held upon such notice as is prescribed in the bylaws.Unless the articles of incorporation or bylaws provide otherwise, a member of the board of directors or any committee designated by the board of directors may participate in a meeting of such board or committee by any means of communication through which the member, delegate, or alternate may communicate and vote at the meeting. Participation by such means of communication constitutes presence or attendance at the meeting. Source: SDC 1939, §11.1124 (1) as enacted by SL 1965, ch 23, §1; SL 1997, ch 257, §1; SL 2021, ch 194, § 7.
SD Codified L § 47-17-9 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-9 - Quorum at meeting.

47-17-9. Quorum at meeting.Unless a greater number is required in the bylaws of a cooperative, a majority of the directors in office shall constitute a quorum for transaction of business. Unless a greater number is required in the bylaws, an act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the board. Source: SDC 1939, §11.1124 (2) as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-17-10 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-10 - Waiver of notice of meeting.

47-17-10. Waiver of notice of meeting.A signed waiver of notice of a meeting of the board of directors of a cooperative is equivalent to personal notice to the individual signing the waiver. Attendance at a meeting is a waiver of notice of the meeting, except when a director attends the meeting and objects to the transaction of business because the meeting was not lawfully convened. Source: SDC 1939, §11.1124 (3) as enacted by SL 1965, ch 23, §1; SL 2018, ch 260, §9.
SD Codified L § 47-17-11 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-11 - Specification of purpose of meeting.

47-17-11. Specification of purpose of meeting.Unless the bylaws of a cooperative provide otherwise, the purposes of any meeting of the board of directors need not be specified in the notice or waiver of notice of such meeting. Source: SDC 1939, §11.1124 (4) as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-17-12 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-12 - Directors' executive committee--Powers of committee.

47-17-12. Directors' executive committee--Powers of committee.If the bylaws of a cooperative so provide, the board of directors may elect an executive committee to consist of three or more directors. When the board is not in session, such committee shall have all powers of the board except in respect to:(1)Powers reserved by the board to itself;(2)Apportionment or distribution of proceeds;(3)Election of officers;(4)Filling of vacancies in the board; and(5)Amendments to the bylaws.The board may elect other directors as alternates for members of the executive committee. Source: SDC 1939, §11.1125 as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-17-13 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-13 - Action without meeting of directors--Written consent.

47-17-13. Action without meeting of directors--Written consent.Any action which may be taken at a meeting of the directors or executive committee of a cooperative may be taken without a meeting if a writing setting forth and approving the action taken shall be signed by all of the directors or executive committee members entitled to vote on such action. In such cases, such consent shall have the same force and effect as if a meeting had been held. Source: SDC 1939, §11.1126 as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-17-14 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-14 - Principal officers of cooperative--Election by board of directors.

47-17-14. Principal officers of cooperative--Election by board of directors.The principal officers of a cooperative are a president, one or more vice-presidents as prescribed in the bylaws, a secretary, and a treasurer. The principal officers shall be elected annually by the board of directors at a time and manner pursuant to the bylaws. Each principal officer except the secretary and the treasurer shall be a director of the cooperative. The offices of secretary and treasurer may be combined in one individual. Source: SDC 1939, §11.1127 (1) as enacted by SL 1965, ch 23, §1; SL 2018, ch 260, §10.
SD Codified L § 47-17-15 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-15 - Other officers.

47-17-15. Other officers.Any officer of a cooperative other than those mentioned in §47-17-14 may be chosen by the board of directors or as provided in the bylaws. Source: SDC 1939, §11.1127 (2) as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-17-16 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-16 - Authority of officers.

47-17-16. Authority of officers.All officers of a cooperative shall have such authority and perform such duties as the bylaws provide, or as the board of directors may determine not inconsistent with the bylaws. Source: SDC 1939, §11.1127 (3) as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-17-17 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-17 - Removal of officers.

47-17-17. Removal of officers.Any officer of a cooperative may be removed by the board of directors whenever in its judgment the best interests of the cooperative will be served thereby. Election or appointment shall not of itself create contract rights. Source: SDC 1939, §11.1127 (3) as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-17-18 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-18 - Compensation of officers.

47-17-18. Compensation of officers.Unless the bylaws of a cooperative provide otherwise, for prior or future services of any officer or employee, the board of directors may provide reasonable compensation, pension, bonuses, or other benefits to such officer or employee, and pension or other benefits to a member of his family or his beneficiaries. No officer or employee who is a director may take part in the vote on his salary for services rendered the cooperative. Source: SDC 1939, §11.1128 (2) as enacted by SL 1965, ch 23, §1.
SD Codified L § 47-17-20 (2021)
2021 South Dakota Codified Laws|Title 47 - Corporations|Chapter 17 - Cooperatives Directors, Officers And Employees|Section 47-17-20 - Filing false document as felony.

47-17-20. Filing false document as felony.A person who files, or causes to be filed, a document required to be filed by this chapter, which he knows to be materially false in any respect, is guilty of a Class 6 felony. Source: SL 1983, ch 15, §39.