South Dakota Codified Laws 46A-6-51. Transfer of assets and liabilities of nonprofit entity to district–Approval by governing board and electors
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Any nonprofit corporation, cooperative, or association located within an irrigation district may transfer assets, liabilities, contracts, or other obligations to the irrigation district. To be valid, such transfer shall be approved by formal resolution of the governing body of the transferring entity and also shall be approved in an election thereon by an affirmative majority vote of the district electors voting on the question.
Terms Used In South Dakota Codified Laws 46A-6-51
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Source: SL 1984, ch 295, § 1.