ENTITLED, An Act to revise the procedure for cooperatives giving notice to persons whose records
are missing regarding ownership of securities, apportionment of equity interest, money, or
property.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 47-16-32 be amended to read as follows:
47-16-32. If records of a cooperative showing ownership of securities or apportionment of equity
interest in the assets are missing and the information contained in such records is necessary to a
proposed redemption of the interest, the cooperative may give notice and redeem as follows:
(1) The cooperative shall set aside an amount equal to the value of the interests to be
redeemed;
(2) The cooperative shall give notice of such redemption to all owners of interests of which
the cooperative has knowledge;
(3) If there are interests, the ownership of which is unknown to the cooperative, it shall
publish notice of the redemption at least once in a newspaper of general circulation in the
county of this state in which is located the last known address of each person to be named
in the notice. If no address is listed or the address is outside this state, the notice shall be
published in the county in which the holder of the property has its principal place of
business within this state; and
(4) Any unclaimed outstanding interest represented by the missing records may then be
terminated in accordance with §§ 47-16-54 to 47-16-59, inclusive.
Section 2. That § 47-16-57 be amended to read as follows:
47-16-57. If the name or address of any person entitled to receive the money or property
described in § 47-16-54 is not shown upon the records of the cooperative, or if the name or address
is known by the cooperative's secretary to be incorrect, then the cooperative shall publish a notice
at least once in a newspaper of general circulation in the county of this state in which is located the
last known address of each person to be named in the notice. If no address is listed or the address is
outside this state, the notice shall be published in the county in which the holder of the property has
its principal place of business within this state. The notice may state that the forfeiture becomes
effective six months after the first publication.
An Act to revise the procedure for cooperatives giving notice to persons whose records are missing
regarding ownership of securities, apportionment of equity interest, money, or property.
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I certify that the attached Act
originated in the
SENATE as Bill No. 103
____________________________
Secretary of the Senate
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____________________________
President of the Senate
____________________________
Secretary of the Senate
____________________________
Speaker of the House
____________________________
Chief Clerk
Senate Bill No. 103
File No. ____
Chapter No. ______
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Received at this Executive Office
this _____ day of _____________ ,
20____ at ____________ M.
By _________________________
for the Governor
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The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
____________________________
Governor
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STATE OF SOUTH DAKOTA,
ss.
Office of the Secretary of State
Filed ____________ , 20___
at _________ o'clock __ M.
____________________________
Secretary of State
By _________________________
Asst. Secretary of State
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