Cooperative may convert to a business corporation.
ENTITLED, An Act to
provide for the conversion of certain cooperatives into business
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
be amended by adding thereto a NEW SECTION to read as
Any cooperative may convert itself into a business corporation by adopting an amendment to
its articles by which it elects to become subject to chapter 47-1A, together with changes in its
articles required by the chapter and other desirable changes permitted by the chapter. Such
amendment shall be adopted, filed, and recorded in the manner provided by the law then applicable
to the cooperative. The conversion is effective upon the issuance of the certificate of amendment
by the secretary of state.
Signed February 28, 2007