37-26-1. Definition of terms.Terms used throughout this chapter unless the context plainly requires otherwise shall mean:(1)'Buying club,' any corporation, partnership, unincorporated association, or other business enterprise organized with the primary purpose of providing benefits to members from the cooperative purchase of services or merchandise;(2)'Club,' any buying club;(3)'Contract,' any written agreement by which one becomes a member of a club;(4)'Member,' any status by which any natural person is entitled to any of the benefits of a club;(5)'Prepayment,' any payment greater than twenty-five dollars for service, merchandise or membership made before the service is rendered. Money received by a club from a financial institution upon assignment of a contract shall be considered prepayment when and to the extent the member is required to make prepayments to the financial institution pursuant to the contract. Source: SL 1975, ch 246, §1.
South Dakota Legal Code