Section 47-18-12 - Liquidation of assets--Distribution of proceeds

47-18-12. Liquidation of assets--Distribution of proceeds.When the resolution for dissolution of a cooperative is adopted, either a committee designated by the resolution or the board of directors shall liquidate all assets and pay the net proceeds of such liquidation available for distribution to all persons entitled to the same by law, the articles and the bylaws. Source: SDC 1939, §11.1143 (2) as enacted by SL 1965, ch 23, §1.