<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 47-21-27 - Majority vote required for approval--Articles of consolidation--Contents of articles--Affidavit of compliance. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069141Normal { 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.s2069141SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069141CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069141Normal-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.s2069141DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069141DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069141Normal-000002 { 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.s2069141000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069141SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069141SCL-000004 { 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="s2069141Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-21-27"><span class="s2069141SENU">47-21-27</span></a><span xml:space="preserve" class="s2069141SENU">. </span><span class="s2069141CL">Majority vote required for approval--Articles of consolidation--Contents of articles--Affidavit of compliance.</span></p><p dir="ltr" class="s2069141Normal-000000"><span class="s2069141DefaultParagraphFont">If the proposed consolidation and the proposed articles of consolidation, with any amendments, are approved by the affirmative vote of a majority of those members of each consolidating cooperative voting thereon at each such meeting, articles of consolidation in the form approved shall be executed and acknowledged on behalf of each consolidating cooperative by its president or vice</span><span class="s2069141DefaultParagraphFont-000001">-</span><span class="s2069141DefaultParagraphFont">president and its seal shall be affixed thereto and attested by its secretary. The articles of consolidation shall recite that they are executed pursuant to this chapter and shall state:</span></p><p dir="ltr" class="s2069141Normal-000002"><span class="s2069141DefaultParagraphFont">(1)    The name of each consolidating cooperative and the address of its principal office;</span></p><p dir="ltr" class="s2069141Normal-000002"><span class="s2069141DefaultParagraphFont">(2)    The name of the new cooperative and the address of its principal office;</span></p><p dir="ltr" class="s2069141Normal-000002"><span class="s2069141DefaultParagraphFont">(3)    A statement that each consolidating cooperative agrees to the consolidation;</span></p><p dir="ltr" class="s2069141Normal-000002"><span class="s2069141DefaultParagraphFont">(4)    The names and addresses of the directors of the new cooperative; and</span></p><p dir="ltr" class="s2069141Normal-000002"><span class="s2069141DefaultParagraphFont">(5)    The terms and conditions of the consolidation and the mode of carrying the same into effect, including the manner in which members of the consolidating cooperatives may or shall become members of the new cooperative;</span></p><p dir="ltr" class="s2069141Normal"><span class="s2069141DefaultParagraphFont">and may contain any provisions not inconsistent with this chapter deemed necessary or advisable for the conduct of the business of the new cooperative. The president or vice</span><span class="s2069141DefaultParagraphFont-000001">-</span><span xml:space="preserve" class="s2069141DefaultParagraphFont">president of each consolidating cooperative executing such articles of consolidation shall make and annex thereto an affidavit stating that the provisions of this section and § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-21-26"><span class="s2069141DefaultParagraphFont">47-21-26</span></a><span xml:space="preserve" class="s2069141DefaultParagraphFont"> in respect of such articles were duly complied with by such cooperative.</span></p><p dir="ltr" class="s2069141Normal"><span xml:space="preserve" class="s2069141000003"> </span></p><p dir="ltr" class="s2069141Normal"><span class="s2069141SCL">Source:</span><span xml:space="preserve" class="s2069141SCL-000004"> SL 1947, ch 33, § 17; SDC Supp 1960, § 11.2217 (2); SL 1994, ch 350, § 1.</span></p></div></body></html>