South Dakota Codified Laws 47-21-63. Powers of cooperative–Dealing in property and equipment
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A cooperative may construct, purchase, lease as lessee, or otherwise acquire, and equip, maintain, and operate, and sell, assign, convey, lease as lessor, mortgage, pledge, or otherwise dispose of or encumber, transmission and distribution lines or systems, electric generating plants, land, buildings, structures for office, distribution of energy or warehousing, dams, plants and equipment, which are necessary to accomplish the purpose for which the cooperative is organized.
Terms Used In South Dakota Codified Laws 47-21-63
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Source: SL 1947, ch 33, § 4; SDC Supp 1960, § 11.2204 (5); SL 1994, ch 349, § 2.