58-35-45. Reinsurance corporation formed by insurers--Procedure.Any number, not less than five, of farm mutual insurers organized under this chapter may form a corporation for the purpose of reinsuring the risks of the members, on the mutual plan. The insurers proposing to form such reinsurance company shall file with the director a declaration of their intention to form such a corporation, together with proposed articles of incorporation, substantially in the manner and form provided by §§58-35-7 to 58-35-9, inclusive, which proposed articles of incorporation, and amendments thereof, shall be treated substantially in the manner and form provided by §§58-35-10 to 58-35-14, inclusive. The bylaws of such reinsurance company shall contain provisions for the government of such company and the conduct of its business substantially in the manner and form provided by §§58-35-22 and 58-35-23. Source: SL 1966, ch 111, ch 17, §32; SL 1976, ch 318.
South Dakota Legal Code