South Dakota Codified Laws 46A-9-42. Transfer of obligations of nonprofit rural water supplier or wastewater system operator to water user district, sanitary district, or municipality–Majority vote of district
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.
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.