47-16-32. Missing securities--Redemption--Procedure.
If records of a cooperative showing ownership of securities or apportionment of equity interest in the assets are missing and the information contained in such records is necessary to a proposed redemption of the interest, the cooperative may give notice and redeem as follows:
(1)The cooperative shall set aside an amount equal to the value of the interests to be redeemed;
(2)The cooperative shall give notice of such redemption to all owners of interests of which the cooperative has knowledge;
(3)If there are interests, the ownership of which is unknown to the cooperative, it shall publish notice of the redemption at least once in a newspaper of general circulation in the county of this state in which is located the last known address of each person to be named in the notice. If no address is listed or the address is outside this state, the notice shall be published in the county in which the holder of the property has its principal place of business within this state; and
(4)Any unclaimed outstanding interest represented by the missing records may then be terminated in accordance with §§47-16-54 to 47-16-59, inclusive.
Source: SDC 1939, §11.1121 (2) as enacted by SL 1965, ch 23, §1; SL 2012, ch 224, §1.