South Dakota Codified Laws 34-9-9. Transfer of surplus municipal funds to private hospitals authorized
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Authority is hereby granted to municipalities to transfer surplus funds accumulated through special municipal revenue producing enterprises to private hospital corporations towards the cost of construction of any hospital to be constructed or now under construction or towards the retirement of any indebtedness incurred in the construction of a hospital in such municipality; provided such transfer of funds shall be made through a majority vote of the governing body of the municipality and accepted by a majority vote of the directors of such hospital corporation.
Terms Used In South Dakota Codified Laws 34-9-9
- 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.
Source: SL 1949, ch 200, § 1; SL 1953, ch 259; SDC Supp 1960, § 45.1437.