CHAPTER 258

(HB 1129)

Cooperative may convert to a business corporation.


         ENTITLED, An Act to  provide for the conversion of certain cooperatives into business corporations.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:

     Section  1.  That chapter 47-1A be amended by adding thereto a NEW SECTION to read as follows:

     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
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