37-4-1. Exchanges subject to chapter--Small-volume exchanges exempt.
Every chamber of commerce, board of trade or exchange maintaining or operating a regular place of business or trading room for members only, in which the members buy, sell, or exchange grain, livestock, or other farm products for themselves or for others, is hereby declared to be a public market subject to the provisions of this chapter. This chapter shall not apply to any such exchange or market whose total annual volume of transfers or exchanges does not exceed three million bushels of grain, or one hundred thousand head of livestock, or two million pounds of butterfat.
Source: SDC 1939, §54.0801.