South Dakota Codified Laws 58-35-5. Incorporators–Number and property ownership required for state mutual insurer
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One hundred or more individuals residing in this state, each of whom is at least twenty–one years of age, who collectively own farm property as referred to in § 58-35-29 valued at not less than five hundred thousand dollars which they desire to insure, and each of whom owns farm or ranch land situated in this state valued at not less than five thousand dollars, may incorporate as a state mutual insurer.
Terms Used In South Dakota Codified Laws 58-35-5
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
Source: SL 1966, ch 111, ch 17, § 7 (1).