<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 47-21-35 - Dissolution before commencement of business--Articles of dissolution--Majority approval required--Contents of articles. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069149Normal { 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.s2069149SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069149CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069149Normal-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.s2069149DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069149Normal-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.s2069149000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069149SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069149SCL-000003 { 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="s2069149Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-21-35"><span class="s2069149SENU">47-21-35</span></a><span xml:space="preserve" class="s2069149SENU">. </span><span class="s2069149CL">Dissolution before commencement of business--Articles of dissolution--Majority approval required--Contents of articles.</span></p><p dir="ltr" class="s2069149Normal-000000"><span class="s2069149DefaultParagraphFont">A cooperative which has not commenced business may be dissolved by delivering to the secretary of state articles of dissolution which shall be executed and acknowledged on behalf of the cooperative by a majority of the incorporators and which shall state:</span></p><p dir="ltr" class="s2069149Normal-000001"><span class="s2069149DefaultParagraphFont">(1)    The name of the cooperative;</span></p><p dir="ltr" class="s2069149Normal-000001"><span class="s2069149DefaultParagraphFont">(2)    The address of its principal office;</span></p><p dir="ltr" class="s2069149Normal-000001"><span class="s2069149DefaultParagraphFont">(3)    That the cooperative has not commenced business;</span></p><p dir="ltr" class="s2069149Normal-000001"><span class="s2069149DefaultParagraphFont">(4)    That any sums received by the cooperative, less any part thereof disbursed for expenses of the cooperative, have been returned or paid to those entitled thereto;</span></p><p dir="ltr" class="s2069149Normal-000001"><span class="s2069149DefaultParagraphFont">(5)    That no debt of the cooperative is unpaid; and</span></p><p dir="ltr" class="s2069149Normal-000001"><span class="s2069149DefaultParagraphFont">(6)    That a majority of the incorporators elect that the cooperative be dissolved.</span></p><p dir="ltr" class="s2069149Normal"><span xml:space="preserve" class="s2069149000002"> </span></p><p dir="ltr" class="s2069149Normal"><span class="s2069149SCL">Source:</span><span xml:space="preserve" class="s2069149SCL-000003"> SL 1947, ch 33, § 21; SDC Supp 1960, § 11.2221 (1).</span></p></div></body></html>