<html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083627Normal { text-align: center; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083627HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083627DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083627HG4C { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083627Normal-000000 { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } p.s2083627B { margin-left: 1.38in; text-indent: -1.38in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES"><meta property="og:description" content="SDLRC Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=47-17"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083627Normal"><span xml:space="preserve" class="s2083627HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17</span></a></p><p dir="ltr" class="s2083627Normal"><span xml:space="preserve" class="s2083627HG4C">COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES </span></p><p dir="ltr" class="s2083627Normal-000000"><span xml:space="preserve" class="s2083627DefaultParagraphFont"> </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-1" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-1</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Board of directors as manager of cooperative--Qualifications of directors. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-2" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-2</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Compensation of directors. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-3" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-3</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Number of directors. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-4" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-4</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    First directors as temporary board--Election of permanent directors--Territorial directors--Directors' terms of office--Alternates.</span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-4.1" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-4.1</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Use of funds or employee activity to promote election to office prohibited--Directors and officers permitting violation subject to civil fine. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-5" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-5</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Removal of directors. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-6" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-6</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Vacancies on board of directors. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-7" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-7</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Liability of directors for improper distribution of assets. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-7.1" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-7.1</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Directors not liable for distribution in good faith reliance on financial statements or accountant's representation. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-8" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-8</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Board meetings.</span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-9" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-9</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Quorum at meeting. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-10" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-10</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Waiver of notice of meeting. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-11" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-11</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Specification of purpose of meeting. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-12" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-12</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Directors' executive committee--Powers of committee. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-13" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-13</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Action without meeting of directors--Written consent. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-14" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-14</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Principal officers of cooperative--Election by board of directors. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-15" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-15</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Other officers. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-16" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-16</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Authority of officers. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-17" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-17</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Removal of officers. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-18" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-18</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Compensation of officers. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-19" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-19</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-19" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-19</span></a><span class="s2083627DefaultParagraphFont">. Repealed by SL 2007, ch 260, § 8.</span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-20" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-20</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Filing false document as felony. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-21" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-21</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Indemnification of directors, officers, agents, and employees against liability under certain circumstances. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-22" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-22</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Circumstances under which directors, officers, agents, and employees may not be indemnified. </span></p><p dir="ltr" class="s2083627B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-23" rel="noopener"><span class="s2083627DefaultParagraphFont">47-17-23</span></a><span xml:space="preserve" class="s2083627DefaultParagraphFont">    Indemnification of successful director, officer, agent, or employee for expenses incurred in proceeding. </span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069027Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069027SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069027CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069027Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069027DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069027000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069027SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069027SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069027Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-1"><span class="s2069027SENU">47-17-1</span></a><span xml:space="preserve" class="s2069027SENU">. </span><span class="s2069027CL">Board of directors as manager of cooperative--Qualifications of directors.</span></p><p dir="ltr" class="s2069027Normal-000000"><span class="s2069027DefaultParagraphFont">The business and affairs of a cooperative shall be managed by a board of directors. Each director shall be a member or a representative of a member who is an entity member. The bylaws shall prescribe any other qualifications for directors and may provide that directors be from specified territorial districts.</span></p><p dir="ltr" class="s2069027Normal"><span xml:space="preserve" class="s2069027000001"> </span></p><p dir="ltr" class="s2069027Normal"><span class="s2069027SCL">Source:</span><span xml:space="preserve" class="s2069027SCL-000002"> SDC 1939, § 11.1123 (1) as enacted by SL 1965, ch 23, § 1; SL 2018, ch 260, § 8.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069028Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069028SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069028CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069028Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069028DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069028000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069028SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069028SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069028Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-2"><span class="s2069028SENU">47-17-2</span></a><span xml:space="preserve" class="s2069028SENU">. </span><span class="s2069028CL">Compensation of directors.</span></p><p dir="ltr" class="s2069028Normal-000000"><span class="s2069028DefaultParagraphFont">Unless the bylaws of a cooperative provide otherwise, only the members may establish compensation or other benefits for a director, not available generally to officers and employees, for services as director.</span></p><p dir="ltr" class="s2069028Normal"><span xml:space="preserve" class="s2069028000001"> </span></p><p dir="ltr" class="s2069028Normal"><span class="s2069028SCL">Source:</span><span xml:space="preserve" class="s2069028SCL-000002"> SDC 1939, § 11.1128 (1) as enacted by SL 1965, ch 23, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069029Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069029SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069029CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069029Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069029DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069029000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069029SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069029SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069029Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-3"><span class="s2069029SENU">47-17-3</span></a><span xml:space="preserve" class="s2069029SENU">. </span><span class="s2069029CL">Number of directors.</span></p><p dir="ltr" class="s2069029Normal-000000"><span class="s2069029DefaultParagraphFont">The number of directors of a cooperative shall not be less than five, provided that in a cooperative with less than fifty members, the number of directors shall not be less than three. Subject to such limitation, the number shall be fixed in the articles, or if the articles so provide, in the bylaws.</span></p><p dir="ltr" class="s2069029Normal"><span xml:space="preserve" class="s2069029000001"> </span></p><p dir="ltr" class="s2069029Normal"><span class="s2069029SCL">Source:</span><span xml:space="preserve" class="s2069029SCL-000002"> SDC 1939, § 11.1123 (2) as enacted by SL 1965, ch 23, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2082650Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2082650SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2082650CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2082650Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2082650DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2082650000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2082650NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2082650DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2082650SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-17-4 - First directors as temporary board--Election of permanent directors--Territorial directors--Directors' terms of office--Alternates."><meta property="og:description" content="SDLRC Codified Law 47-17-4 - First directors as temporary board--Election of permanent directors--Territorial directors--Directors' terms of office--Alternates."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=47-17-4"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2082650Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-4" rel="noopener"><span class="s2082650SENU">47-17-4</span></a><span xml:space="preserve" class="s2082650SENU">. </span><span xml:space="preserve" class="s2082650CL">First directors as temporary board--Election of permanent directors--Territorial directors--Directors' terms of office--Alternates. </span></p><p dir="ltr" class="s2082650Statute"><span class="s2082650DefaultParagraphFont">The directors of a cooperative constituting the temporary board, named in the articles, shall hold office until the first member meeting. At that meeting and thereafter, at or in conjunction with the annual member meeting, directors shall be elected by a majority of the members voting in the manner and for the terms provided in the bylaws. If the bylaws provide that directors be from specified territorial districts, the articles may limit voting for any director to members from within the territorial district from which the director is to be elected. The bylaws may provide that directors may be elected at district director election meetings held for said purpose. Unless the bylaws provide otherwise, a director's term of office is one year. Each director holds office for the term for which elected and until the director's successor takes office. The bylaws may permit selection of alternates to take the place of directors absent at a meeting of the board.</span></p><p dir="ltr" class="s2082650Normal"><span xml:space="preserve" class="s2082650000000"> </span></p><p dir="ltr" class="s2082650NoIndent"><span xml:space="preserve" class="s2082650DefaultParagraphFont-000001">Source: </span><span class="s2082650SCL">SDC 1939, § 11.1123 (3) as enacted by SL 1965, ch 23, § 1; SL 2000, ch 220, § 5; SL 2021, ch 194, § 6.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069031Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069031SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069031CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069031Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069031DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069031Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069031000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069031SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069031SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069031Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-4.1"><span class="s2069031SENU">47-17-4.1</span></a><span xml:space="preserve" class="s2069031SENU">. </span><span class="s2069031CL">Use of funds or employee activity to promote election to office prohibited--Directors and officers permitting violation subject to civil fine.</span></p><p dir="ltr" class="s2069031Normal-000000"><span class="s2069031DefaultParagraphFont">No cooperative funds may be used, nor any stock issued, to promote, encourage, or publicly favor the candidacy, election, or reelection of any member to any elective office within the cooperative. No employee of a cooperative may promote, encourage or publicly favor the candidacy, election, or reelection of any member to any elective office within the cooperative, provided that this shall not be construed to deprive employees, who are also members, of the right to vote in cooperative elections.</span></p><p dir="ltr" class="s2069031Normal-000001"><span class="s2069031DefaultParagraphFont">Directors and officers of any cooperative who knowingly permit such use of funds or employee activity are subject to a civil fine of not more than five hundred dollars for each offense.</span></p><p dir="ltr" class="s2069031Normal"><span xml:space="preserve" class="s2069031000002"> </span></p><p dir="ltr" class="s2069031Normal"><span class="s2069031SCL">Source:</span><span xml:space="preserve" class="s2069031SCL-000003"> SL 1968, ch 11, §§ 1, 2; SL 1983, ch 15, § 40; SL 1983, ch 331, § 4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069032Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069032SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069032CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069032Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069032DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069032000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069032SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069032SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069032Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-5"><span class="s2069032SENU">47-17-5</span></a><span xml:space="preserve" class="s2069032SENU">. </span><span class="s2069032CL">Removal of directors.</span></p><p dir="ltr" class="s2069032Normal-000000"><span class="s2069032DefaultParagraphFont">Unless the bylaws of a cooperative provide otherwise, a director may be removed upon a majority vote of all members.</span></p><p dir="ltr" class="s2069032Normal"><span xml:space="preserve" class="s2069032000001"> </span></p><p dir="ltr" class="s2069032Normal"><span class="s2069032SCL">Source:</span><span xml:space="preserve" class="s2069032SCL-000002"> SDC 1939, § 11.1123 (4) as enacted by SL 1965, ch 23, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069033Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069033SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069033CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069033Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069033DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069033000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069033SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069033SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069033Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-6"><span class="s2069033SENU">47-17-6</span></a><span xml:space="preserve" class="s2069033SENU">. </span><span class="s2069033CL">Vacancies on board of directors.</span></p><p dir="ltr" class="s2069033Normal-000000"><span class="s2069033DefaultParagraphFont">Unless the bylaws of a cooperative provide otherwise, any vacancy existing in the board of directors may be filled until the next annual meeting by appointment by a majority vote of the directors then in office.</span></p><p dir="ltr" class="s2069033Normal"><span xml:space="preserve" class="s2069033000001"> </span></p><p dir="ltr" class="s2069033Normal"><span class="s2069033SCL">Source:</span><span xml:space="preserve" class="s2069033SCL-000002"> SDC 1939, § 11.1123 (5) as enacted by SL 1965, ch 23, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069034Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069034SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069034CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069034Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069034DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069034000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069034SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069034SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069034Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-7"><span class="s2069034SENU">47-17-7</span></a><span xml:space="preserve" class="s2069034SENU">. </span><span class="s2069034CL">Liability of directors for improper distribution of assets.</span></p><p dir="ltr" class="s2069034Normal-000000"><span xml:space="preserve" class="s2069034DefaultParagraphFont">Directors of cooperatives who negligently or in bad faith vote for any distribution of assets contrary to chapters </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-15"><span class="s2069034DefaultParagraphFont">47-15</span></a><span xml:space="preserve" class="s2069034DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-20"><span class="s2069034DefaultParagraphFont">47-20</span></a><span class="s2069034DefaultParagraphFont">, inclusive, or the articles are jointly and severally liable to the cooperative for the value of assets distributed in excess of the amount which could have been distributed without violating said chapters or the articles.</span></p><p dir="ltr" class="s2069034Normal"><span xml:space="preserve" class="s2069034000001"> </span></p><p dir="ltr" class="s2069034Normal"><span class="s2069034SCL">Source:</span><span xml:space="preserve" class="s2069034SCL-000002"> SDC 1939, § 11.1129 as enacted by SL 1965, ch 23, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069035Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069035SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069035CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069035Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069035DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069035000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069035SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069035SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069035Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-7.1"><span class="s2069035SENU">47-17-7.1</span></a><span xml:space="preserve" class="s2069035SENU">. </span><span class="s2069035CL">Directors not liable for distribution in good faith reliance on financial statements or accountant's representation.</span></p><p dir="ltr" class="s2069035Normal-000000"><span class="s2069035DefaultParagraphFont">A director of a cooperative shall not be liable for any unauthorized dividend or distribution of assets if he relied and acted in good faith upon financial statements of the cooperative represented to him to be correct by the president or the officer of the cooperative having charge of his books of account, or stated in a written report by a certified public accountant failing to reflect the financial condition of the cooperative, nor shall he be so liable if in good faith in determining the amount available for any such dividend or distribution he considered the assets to be of their book value.</span></p><p dir="ltr" class="s2069035Normal"><span xml:space="preserve" class="s2069035000001"> </span></p><p dir="ltr" class="s2069035Normal"><span class="s2069035SCL">Source:</span><span xml:space="preserve" class="s2069035SCL-000002"> SL 1978, ch 338, § 3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2082651Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2082651SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2082651CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2082651Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2082651DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2082651000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2082651NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2082651DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2082651SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-17-8 - Board meetings."><meta property="og:description" content="SDLRC Codified Law 47-17-8 - Board meetings."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=47-17-8"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2082651Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-8" rel="noopener"><span class="s2082651SENU">47-17-8</span></a><span xml:space="preserve" class="s2082651SENU">. </span><span xml:space="preserve" class="s2082651CL">Board meetings. </span></p><p dir="ltr" class="s2082651Statute"><span class="s2082651DefaultParagraphFont">The board of directors of a cooperative shall provide that board meetings are held upon such notice as is prescribed in the bylaws.</span></p><p dir="ltr" class="s2082651Statute"><span class="s2082651DefaultParagraphFont">Unless the articles of incorporation or bylaws provide otherwise, a member of the board of directors or any committee designated by the board of directors may participate in a meeting of such board or committee by any means of communication through which the member, delegate, or alternate may communicate and vote at the meeting. Participation by such means of communication constitutes presence or attendance at the meeting.</span></p><p dir="ltr" class="s2082651Normal"><span xml:space="preserve" class="s2082651000000"> </span></p><p dir="ltr" class="s2082651NoIndent"><span xml:space="preserve" class="s2082651DefaultParagraphFont-000001">Source: </span><span class="s2082651SCL">SDC 1939, § 11.1124 (1) as enacted by SL 1965, ch 23, § 1; SL 1997, ch 257, § 1; SL 2021, ch 194, § 7.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069037Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069037SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069037CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069037Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069037DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069037000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069037SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069037SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069037Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-9"><span class="s2069037SENU">47-17-9</span></a><span xml:space="preserve" class="s2069037SENU">. </span><span class="s2069037CL">Quorum at meeting.</span></p><p dir="ltr" class="s2069037Normal-000000"><span class="s2069037DefaultParagraphFont">Unless a greater number is required in the bylaws of a cooperative, a majority of the directors in office shall constitute a quorum for transaction of business. Unless a greater number is required in the bylaws, an act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the board.</span></p><p dir="ltr" class="s2069037Normal"><span xml:space="preserve" class="s2069037000001"> </span></p><p dir="ltr" class="s2069037Normal"><span class="s2069037SCL">Source:</span><span xml:space="preserve" class="s2069037SCL-000002"> SDC 1939, § 11.1124 (2) as enacted by SL 1965, ch 23, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069038Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069038SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069038CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069038Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069038DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069038000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069038SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069038SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069038Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-10"><span class="s2069038SENU">47-17-10</span></a><span xml:space="preserve" class="s2069038SENU">. </span><span class="s2069038CL">Waiver of notice of meeting.</span></p><p dir="ltr" class="s2069038Normal-000000"><span class="s2069038DefaultParagraphFont">A signed waiver of notice of a meeting of the board of directors of a cooperative is equivalent to personal notice to the individual signing the waiver. Attendance at a meeting is a waiver of notice of the meeting, except when a director attends the meeting and objects to the transaction of business because the meeting was not lawfully convened.</span></p><p dir="ltr" class="s2069038Normal"><span xml:space="preserve" class="s2069038000001"> </span></p><p dir="ltr" class="s2069038Normal"><span class="s2069038SCL">Source:</span><span xml:space="preserve" class="s2069038SCL-000002"> SDC 1939, § 11.1124 (3) as enacted by SL 1965, ch 23, § 1; SL 2018, ch 260, § 9.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069039Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069039SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069039CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069039Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069039DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069039000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069039SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069039SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069039Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-11"><span class="s2069039SENU">47-17-11</span></a><span xml:space="preserve" class="s2069039SENU">. </span><span class="s2069039CL">Specification of purpose of meeting.</span></p><p dir="ltr" class="s2069039Normal-000000"><span class="s2069039DefaultParagraphFont">Unless the bylaws of a cooperative provide otherwise, the purposes of any meeting of the board of directors need not be specified in the notice or waiver of notice of such meeting.</span></p><p dir="ltr" class="s2069039Normal"><span xml:space="preserve" class="s2069039000001"> </span></p><p dir="ltr" class="s2069039Normal"><span class="s2069039SCL">Source:</span><span xml:space="preserve" class="s2069039SCL-000002"> SDC 1939, § 11.1124 (4) as enacted by SL 1965, ch 23, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069040Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069040SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069040CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069040Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069040DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069040Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069040Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069040000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069040SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069040SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069040Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-12"><span class="s2069040SENU">47-17-12</span></a><span xml:space="preserve" class="s2069040SENU">. </span><span class="s2069040CL">Directors' executive committee--Powers of committee.</span></p><p dir="ltr" class="s2069040Normal-000000"><span class="s2069040DefaultParagraphFont">If the bylaws of a cooperative so provide, the board of directors may elect an executive committee to consist of three or more directors. When the board is not in session, such committee shall have all powers of the board except in respect to:</span></p><p dir="ltr" class="s2069040Normal-000001"><span class="s2069040DefaultParagraphFont">(1)    Powers reserved by the board to itself;</span></p><p dir="ltr" class="s2069040Normal-000001"><span class="s2069040DefaultParagraphFont">(2)    Apportionment or distribution of proceeds;</span></p><p dir="ltr" class="s2069040Normal-000001"><span class="s2069040DefaultParagraphFont">(3)    Election of officers;</span></p><p dir="ltr" class="s2069040Normal-000001"><span class="s2069040DefaultParagraphFont">(4)    Filling of vacancies in the board; and</span></p><p dir="ltr" class="s2069040Normal-000001"><span class="s2069040DefaultParagraphFont">(5)    Amendments to the bylaws.</span></p><p dir="ltr" class="s2069040Normal-000002"><span class="s2069040DefaultParagraphFont">The board may elect other directors as alternates for members of the executive committee.</span></p><p dir="ltr" class="s2069040Normal"><span xml:space="preserve" class="s2069040000003"> </span></p><p dir="ltr" class="s2069040Normal"><span class="s2069040SCL">Source:</span><span xml:space="preserve" class="s2069040SCL-000004"> SDC 1939, § 11.1125 as enacted by SL 1965, ch 23, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069041Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069041SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069041CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069041Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069041DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069041000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069041SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069041SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069041Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-13"><span class="s2069041SENU">47-17-13</span></a><span xml:space="preserve" class="s2069041SENU">. </span><span class="s2069041CL">Action without meeting of directors--Written consent.</span></p><p dir="ltr" class="s2069041Normal-000000"><span class="s2069041DefaultParagraphFont">Any action which may be taken at a meeting of the directors or executive committee of a cooperative may be taken without a meeting if a writing setting forth and approving the action taken shall be signed by all of the directors or executive committee members entitled to vote on such action. In such cases, such consent shall have the same force and effect as if a meeting had been held.</span></p><p dir="ltr" class="s2069041Normal"><span xml:space="preserve" class="s2069041000001"> </span></p><p dir="ltr" class="s2069041Normal"><span class="s2069041SCL">Source:</span><span xml:space="preserve" class="s2069041SCL-000002"> SDC 1939, § 11.1126 as enacted by SL 1965, ch 23, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069042Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069042SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069042CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069042Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069042DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069042000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069042SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069042SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069042Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-14"><span class="s2069042SENU">47-17-14</span></a><span xml:space="preserve" class="s2069042SENU">. </span><span class="s2069042CL">Principal officers of cooperative--Election by board of directors.</span></p><p dir="ltr" class="s2069042Normal-000000"><span class="s2069042DefaultParagraphFont">The principal officers of a cooperative are a president, one or more vice-presidents as prescribed in the bylaws, a secretary, and a treasurer. The principal officers shall be elected annually by the board of directors at a time and manner pursuant to the bylaws. Each principal officer except the secretary and the treasurer shall be a director of the cooperative. The offices of secretary and treasurer may be combined in one individual.</span></p><p dir="ltr" class="s2069042Normal"><span xml:space="preserve" class="s2069042000001"> </span></p><p dir="ltr" class="s2069042Normal"><span class="s2069042SCL">Source:</span><span xml:space="preserve" class="s2069042SCL-000002"> SDC 1939, § 11.1127 (1) as enacted by SL 1965, ch 23, § 1; SL 2018, ch 260, § 10.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069043Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069043SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069043CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069043Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069043DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069043000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069043SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069043SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069043Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-15"><span class="s2069043SENU">47-17-15</span></a><span xml:space="preserve" class="s2069043SENU">. </span><span class="s2069043CL">Other officers.</span></p><p dir="ltr" class="s2069043Normal-000000"><span xml:space="preserve" class="s2069043DefaultParagraphFont">Any officer of a cooperative other than those mentioned in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-14"><span class="s2069043DefaultParagraphFont">47-17-14</span></a><span xml:space="preserve" class="s2069043DefaultParagraphFont"> may be chosen by the board of directors or as provided in the bylaws.</span></p><p dir="ltr" class="s2069043Normal"><span xml:space="preserve" class="s2069043000001"> </span></p><p dir="ltr" class="s2069043Normal"><span class="s2069043SCL">Source:</span><span xml:space="preserve" class="s2069043SCL-000002"> SDC 1939, § 11.1127 (2) as enacted by SL 1965, ch 23, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069044Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069044SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069044CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069044Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069044DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069044000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069044SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069044SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069044Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-16"><span class="s2069044SENU">47-17-16</span></a><span xml:space="preserve" class="s2069044SENU">. </span><span class="s2069044CL">Authority of officers.</span></p><p dir="ltr" class="s2069044Normal-000000"><span class="s2069044DefaultParagraphFont">All officers of a cooperative shall have such authority and perform such duties as the bylaws provide, or as the board of directors may determine not inconsistent with the bylaws.</span></p><p dir="ltr" class="s2069044Normal"><span xml:space="preserve" class="s2069044000001"> </span></p><p dir="ltr" class="s2069044Normal"><span class="s2069044SCL">Source:</span><span xml:space="preserve" class="s2069044SCL-000002"> SDC 1939, § 11.1127 (3) as enacted by SL 1965, ch 23, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069045Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069045SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069045CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069045Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069045DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069045000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069045SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069045SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069045Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-17"><span class="s2069045SENU">47-17-17</span></a><span xml:space="preserve" class="s2069045SENU">. </span><span class="s2069045CL">Removal of officers.</span></p><p dir="ltr" class="s2069045Normal-000000"><span class="s2069045DefaultParagraphFont">Any officer of a cooperative may be removed by the board of directors whenever in its judgment the best interests of the cooperative will be served thereby. Election or appointment shall not of itself create contract rights.</span></p><p dir="ltr" class="s2069045Normal"><span xml:space="preserve" class="s2069045000001"> </span></p><p dir="ltr" class="s2069045Normal"><span class="s2069045SCL">Source:</span><span xml:space="preserve" class="s2069045SCL-000002"> SDC 1939, § 11.1127 (3) as enacted by SL 1965, ch 23, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069046Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069046SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069046CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069046Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069046DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069046000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069046SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069046SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069046Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-18"><span class="s2069046SENU">47-17-18</span></a><span xml:space="preserve" class="s2069046SENU">. </span><span class="s2069046CL">Compensation of officers.</span></p><p dir="ltr" class="s2069046Normal-000000"><span class="s2069046DefaultParagraphFont">Unless the bylaws of a cooperative provide otherwise, for prior or future services of any officer or employee, the board of directors may provide reasonable compensation, pension, bonuses, or other benefits to such officer or employee, and pension or other benefits to a member of his family or his beneficiaries. No officer or employee who is a director may take part in the vote on his salary for services rendered the cooperative.</span></p><p dir="ltr" class="s2069046Normal"><span xml:space="preserve" class="s2069046000001"> </span></p><p dir="ltr" class="s2069046Normal"><span class="s2069046SCL">Source:</span><span xml:space="preserve" class="s2069046SCL-000002"> SDC 1939, § 11.1128 (2) as enacted by SL 1965, ch 23, § 1.</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES47-17-19 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 47-17-19 "> <META NAME="Description" Content="South Dakota Codified Laws 47-17-19"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 47-17-19. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2007, ch 260, &#167;&nbsp;8.<p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069048Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069048SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069048CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069048Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069048DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069048000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069048SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069048SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069048Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-20"><span class="s2069048SENU">47-17-20</span></a><span xml:space="preserve" class="s2069048SENU">. </span><span class="s2069048CL">Filing false document as felony.</span></p><p dir="ltr" class="s2069048Normal-000000"><span class="s2069048DefaultParagraphFont">A person who files, or causes to be filed, a document required to be filed by this chapter, which he knows to be materially false in any respect, is guilty of a Class 6 felony.</span></p><p dir="ltr" class="s2069048Normal"><span xml:space="preserve" class="s2069048000001"> </span></p><p dir="ltr" class="s2069048Normal"><span class="s2069048SCL">Source:</span><span xml:space="preserve" class="s2069048SCL-000002"> SL 1983, ch 15, § 39.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069049Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069049SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069049CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069049Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069049DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069049Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069049Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069049Normal-000003 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069049000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069049SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069049SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069049Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-21"><span class="s2069049SENU">47-17-21</span></a><span xml:space="preserve" class="s2069049SENU">. </span><span class="s2069049CL">Indemnification of directors, officers, agents, and employees against liability under certain circumstances.</span></p><p dir="ltr" class="s2069049Normal-000000"><span xml:space="preserve" class="s2069049DefaultParagraphFont">Except as otherwise provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-22"><span class="s2069049DefaultParagraphFont">47-17-22</span></a><span class="s2069049DefaultParagraphFont">, a cooperative may indemnify a director, officer, agent, or employee who is a party to a proceeding by reason of being a director, officer, agent, or employee, against liability incurred in the proceeding if the director, officer, agent, or employee:</span></p><p dir="ltr" class="s2069049Normal-000001"><span class="s2069049DefaultParagraphFont">(1)    Acted in good faith; and</span></p><p dir="ltr" class="s2069049Normal-000001"><span class="s2069049DefaultParagraphFont">(2)    Reasonably believed:</span></p><p dir="ltr" class="s2069049Normal-000002"><span class="s2069049DefaultParagraphFont">(a)    In the case of conduct in an official capacity, that the conduct was in the best interests of the cooperative; and</span></p><p dir="ltr" class="s2069049Normal-000002"><span class="s2069049DefaultParagraphFont">(b)    In all other cases, that the conduct was at least not opposed to the best interests of the cooperative; and</span></p><p dir="ltr" class="s2069049Normal-000001"><span class="s2069049DefaultParagraphFont">(3)    In the case of any criminal proceeding, had no reasonable cause to believe the conduct was unlawful.</span></p><p dir="ltr" class="s2069049Normal-000003"><span xml:space="preserve" class="s2069049DefaultParagraphFont">A cooperative may also, except as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-22"><span class="s2069049DefaultParagraphFont">47-17-22</span></a><span class="s2069049DefaultParagraphFont">, indemnify a director, officer, agent, or employee who is a party to a proceeding against liability incurred in the proceeding if the director, officer, agent, or employee engaged in conduct for which broader indemnification has been made permissible or obligatory under a provision of the articles of incorporation.</span></p><p dir="ltr" class="s2069049Normal-000003"><span class="s2069049DefaultParagraphFont">The conduct of a director, officer, agent, or employee with respect to an employee benefit plan for a purpose the director, officer, agent, or employee reasonably believed to be in the interests of the participants in, and the beneficiaries of, the plan is conduct that satisfies the requirement of subsection (2)(b).</span></p><p dir="ltr" class="s2069049Normal-000003"><span class="s2069049DefaultParagraphFont">The termination of a proceeding by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, is not, of itself, determinative that the director, officer, agent, or employee did not meet the relevant standard of conduct described in this section.</span></p><p dir="ltr" class="s2069049Normal"><span xml:space="preserve" class="s2069049000004"> </span></p><p dir="ltr" class="s2069049Normal"><span class="s2069049SCL">Source:</span><span xml:space="preserve" class="s2069049SCL-000005"> SL 2007, ch 260, § 4; SL 2009, ch 232, § 4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069050Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069050SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069050CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069050Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069050DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069050Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069050000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069050SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069050SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069050Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-22"><span class="s2069050SENU">47-17-22</span></a><span xml:space="preserve" class="s2069050SENU">. </span><span class="s2069050CL">Circumstances under which directors, officers, agents, and employees may not be indemnified.</span></p><p dir="ltr" class="s2069050Normal-000000"><span class="s2069050DefaultParagraphFont">Unless otherwise ordered by a court, a cooperative may not indemnify a director, officer, agent, or employee:</span></p><p dir="ltr" class="s2069050Normal-000001"><span xml:space="preserve" class="s2069050DefaultParagraphFont">(1)    In connection with a proceeding by or in the right of the cooperative, except for reasonable expenses incurred in connection with the proceeding if it is determined that the director, officer, agent, or employee has met the relevant standard of conduct pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-21"><span class="s2069050DefaultParagraphFont">47-17-21</span></a><span class="s2069050DefaultParagraphFont">; or</span></p><p dir="ltr" class="s2069050Normal-000001"><span class="s2069050DefaultParagraphFont">(2)    In connection with any proceeding with respect to conduct for which the director, officer, agent, or employee was adjudged liable on the basis that the director, officer, agent, or employee received a financial benefit to which the director, officer, agent, or employee was not entitled, whether or not involving action in the official capacity of the director, officer, agent, or employee.</span></p><p dir="ltr" class="s2069050Normal"><span xml:space="preserve" class="s2069050000002"> </span></p><p dir="ltr" class="s2069050Normal"><span class="s2069050SCL">Source:</span><span xml:space="preserve" class="s2069050SCL-000003"> SL 2007, ch 260, § 5; SL 2009, ch 232, § 5.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-17 - COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069051Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069051SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069051CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069051Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069051DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069051000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069051SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069051SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2069051Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-17-23"><span class="s2069051SENU">47-17-23</span></a><span xml:space="preserve" class="s2069051SENU">. </span><span class="s2069051CL">Indemnification of successful director, officer, agent, or employee for expenses incurred in proceeding.</span></p><p dir="ltr" class="s2069051Normal-000000"><span class="s2069051DefaultParagraphFont">A cooperative shall indemnify a director, officer, agent, or employee who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the director, officer, agent, or employee was a party by reason of being a director, officer, agent, or employee of the cooperative, against reasonable expenses incurred in connection with the proceeding.</span></p><p dir="ltr" class="s2069051Normal"><span xml:space="preserve" class="s2069051000001"> </span></p><p dir="ltr" class="s2069051Normal"><span class="s2069051SCL">Source:</span><span xml:space="preserve" class="s2069051SCL-000002"> SL 2007, ch 260, § 6; SL 2009, ch 232, § 6.</span></p></div></body></html>