Any nonprofit corporation, cooperative, or association engaged in the treatment, distribution, or sale of water or the collection, treatment, or disposal of wastewater to a rural area may, by majority vote of the membership voting in an election on the question, transfer all of its assets, liabilities, contracts, and other obligations to a water user district as defined in § 46A-9-2, sanitary district authorized to operate a water system under § 34A-5-41, or a municipality. No such action may be taken unless approved by majority vote of the water user district or sanitary district membership voting in an election on the action.

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Terms Used In South Dakota Codified Laws 46A-9-42

  • 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 1974, ch 285; SL 1977, ch 368; SL 1982, ch 312, § 2; SDCL Supp, § 46-16-40.1; SL 2006, ch 226, § 5.