47-18-11. Voluntary dissolution--Notice and approval.
At any member meeting of a cooperative, whether or not a quorum is present, a cooperative may dissolve if:
(1)Notice that a resolution for dissolution will be considered and acted upon has been given to all members and to all other persons entitled by the articles to vote thereon pursuant to resolution adopted by the board of directors, and
(2)Such resolution is adopted by members holding three-fourths of the member votes cast thereon. The articles may permit stockholders to vote on the resolution for dissolution.
Source: SDC 1939, §11.1143 (1) as enacted by SL 1965, ch 23, §1.