South Dakota Codified Laws 47-25-26. Authorization of transfer by members–Two-thirds vote required
Current as of: 2023 | Check for updates
|
Other versions
At the meeting required by § 47-25-25 the members may authorize the sale, lease, exchange, mortgage, pledge, or other disposition described by § 47-25-24 and may fix, or may authorize the board of directors to fix, any or all of the terms and conditions thereof and the consideration to be received by the corporation therefor. Such authorization shall require the vote of at least two–thirds of the votes entitled to be cast by members present or represented by proxy at such meeting.
Terms Used In South Dakota Codified Laws 47-25-26
- 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.
- 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 1965, ch 24, § 46 (1).