South Dakota Codified Laws 47-16-55. Procedure for forfeiture–Resolution–Time limit for claim
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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.
Terms Used In South Dakota Codified Laws 47-16-55
- 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: SDC 1939, § 11.1132 (1) as enacted by SL 1965, ch 23, § 1.