South Dakota Codified Laws 49-17A-12. Withdrawal of subdivision from authority–Disposition of assets and liabilities
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A regional authority may be decreased if the commissioners of the regional authority consent to the decrease. In such event, the commissioners shall provide for the retention and make provisions for the retention or disposition of its assets and liabilities. However, if the regional authority has any bonds outstanding no decrease shall be effected unless one hundred percent of the holders of the bonds consent in writing thereto.
Terms Used In South Dakota Codified Laws 49-17A-12
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Source: SL 1978, ch 344, § 12.