All foreign and domestic cooperatives are governed by the provisions of chapters 47-15 to 47-20, inclusive, except that application of said chapters to cooperative corporations existing before March 18, 1965, does not affect property rights of stockholders or members in such cooperatives which were accrued or established on March 18, 1965, nor does it affect any liability enforceable at such time, nor does it affect the validity or enforceability of contracts existing before March 18, 1965.

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Source: SDC 1939, § 11.1156 as enacted by SL 1965, ch 23, § 1.