47-16-23. Cooperative dealing in own stock.
Unless the articles provide otherwise, a cooperative may acquire, recall, exchange, redeem, and reissue its own stock. Provisions in the articles and on the stock certificate may reserve to the cooperative a prior right to acquire any stock offered for sale, or a right to recall the stock of any stockholder, or both of said rights.
Source: SDC 1939, §11.1118 (3) as enacted by SL 1965, ch 23, §1.