Section 6-2-1 - Liquidation authorized--Vested rights protected

6-2-1. Liquidation authorized--Vested rights protected.Authority is herewith granted any governmental subdivision of this state to liquidate any pension, annuity, or other retirement program existing between the subdivisions of government and its employees where no vested rights in the employees are involved, or, where vested rights are involved, to liquidate such a program with the consent of all the employees covered by the program. Liquidation may be had in such instances by formal action of the governing body of the subdivision of government, without more. Source: SL 1951, ch 101, §1; SDC Supp 1960, §17.1213.