<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 58-35-45 - Reinsurance corporation formed by insurers--Procedure. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2076917Normal { 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.s2076917SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2076917CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2076917Normal-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.s2076917DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2076917000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2076917SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2076917SCL-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="s2076917Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-35-45"><span class="s2076917SENU">58-35-45</span></a><span xml:space="preserve" class="s2076917SENU">. </span><span class="s2076917CL">Reinsurance corporation formed by insurers--Procedure.</span></p><p dir="ltr" class="s2076917Normal-000000"><span xml:space="preserve" class="s2076917DefaultParagraphFont">Any number, not less than five, of farm mutual insurers organized under this chapter may form a corporation for the purpose of reinsuring the risks of the members, on the mutual plan. The insurers proposing to form such reinsurance company shall file with the director a declaration of their intention to form such a corporation, together with proposed articles of incorporation, substantially in the manner and form provided by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-35-7"><span class="s2076917DefaultParagraphFont">58-35-7</span></a><span xml:space="preserve" class="s2076917DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-35-9"><span class="s2076917DefaultParagraphFont">58-35-9</span></a><span xml:space="preserve" class="s2076917DefaultParagraphFont">, inclusive, which proposed articles of incorporation, and amendments thereof, shall be treated substantially in the manner and form provided by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-35-10"><span class="s2076917DefaultParagraphFont">58-35-10</span></a><span xml:space="preserve" class="s2076917DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-35-14"><span class="s2076917DefaultParagraphFont">58-35-14</span></a><span xml:space="preserve" class="s2076917DefaultParagraphFont">, inclusive. The bylaws of such reinsurance company shall contain provisions for the government of such company and the conduct of its business substantially in the manner and form provided by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-35-22"><span class="s2076917DefaultParagraphFont">58-35-22</span></a><span xml:space="preserve" class="s2076917DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-35-23"><span class="s2076917DefaultParagraphFont">58-35-23</span></a><span class="s2076917DefaultParagraphFont">.</span></p><p dir="ltr" class="s2076917Normal"><span xml:space="preserve" class="s2076917000001"> </span></p><p dir="ltr" class="s2076917Normal"><span class="s2076917SCL">Source:</span><span xml:space="preserve" class="s2076917SCL-000002"> SL 1966, ch 111, ch 17, § 32; SL 1976, ch 318.</span></p></div></body></html>