47-18-6. Division of cooperative--Plan of division--Approval of plan.Any cooperative may divide itself into two or more cooperatives under this chapter. A written plan of division shall be prepared by the board of directors or by a committee selected by the board for that purpose. Such plan shall set forth all the terms of the division and the proposed effect thereof on all members and stockholders of the cooperative. The plan shall also contain the articles of each new cooperative being formed and any amendments to the articles of the remaining cooperative. Source: SDC 1939, §11.1141 (1) as enacted by SL 1965, ch 23, §1.
South Dakota Legal Code