47-17-3. Number of directors.
The number of directors of a cooperative shall not be less than five, provided that in a cooperative with less than fifty members, the number of directors shall not be less than three. Subject to such limitation, the number shall be fixed in the articles, or if the articles so provide, in the bylaws.
Source: SDC 1939, §11.1123 (2) as enacted by SL 1965, ch 23, §1.