South Dakota Codified Laws 47-15-30. Powers of cooperatives–Contracts–Encumbrances
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Unless otherwise provided by its articles, a cooperative may
(1) Make contracts, incur liabilities, and borrow money;
Terms Used In South Dakota Codified Laws 47-15-30
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(2) Issue certificates representing indebtedness, or representing equity interests in its assets;
(3) Acquire property;
(4) Dispose of, mortgage, pledge, lease, or otherwise use in any manner any of its property, or any interest therein, wherever situated.
Source: SDC 1939, § 11.1103 (4) as enacted by SL 1965, ch 23, § 1.