47-16-1. Classes of members–Provisions in bylaws. A cooperative may have one or more classes of members. Provisions for qualifications, requirements, method of acceptance, terms, conditions, termination, and other incidents of membership shall be set forth in the bylaws. Any person, including a partnership, a firm, an unincorporated association, a cooperative, a corporation, or a body […]
47-16-10. Votes at meeting. At any member meeting of a cooperative composed of individual members and entity members, each individual member or entity member is entitled to only one vote. Source: SDC 1939, §11.1114 (2) as enacted by SL 1965, ch 23, §1; SL 2018, ch 260, §4.
47-16-11. Votes by member cooperatives. In the case of a cooperative composed only of member cooperative corporations, such member cooperatives shall have only one vote, except that the articles may permit either or both: (1)A member cooperative to cast additional votes not exceeding a number equal to its membership; (2)A cooperative whose member-patrons include other […]
47-16-12. Vote by member owning membership stock. A member owning membership stock of a cooperative gains no additional vote thereby. Source: SDC 1939, §11.1114 (3) as enacted by SL 1965, ch 23, §1.
47-16-13. Proxy votes–Delegate votes. Voting by proxy shall not be allowed in any cooperative, except that the bylaws may provide for representation of members by delegates apportioned territorially. A delegate shall cast the votes to which members represented by him are entitled. Source: SDC 1939, §11.1114 (4) as enacted by SL 1965, ch 23, §1.
47-16-14. Member voting. A member of a cooperative may submit a signed vote by mail or electronic means if the member has been previously notified in writing of the exact vote, motion or resolution upon which the vote is taken. The bylaws may limit use of signed votes. Source: SDC 1939, §11.1114 (5) as enacted […]
47-16-15. Voting by representatives. In the absence of written notice that a person has been designated to represent an entity member of a cooperative, the member may be represented by any of its principal officers. Unless the bylaws provide otherwise, an individual may represent more than one entity member, and may also vote as an […]
47-16-16. Voting by organizations. If the cooperative permits two or more persons, or a partnership, or an unincorporated association, or another cooperative, or a corporation, or a body politic to hold one membership, the bylaws may provide how such member vote is to be cast. Source: SDC 1939, §11.1114 (1) as enacted by SL 1965, […]
47-16-17. Voting rights conditioned upon membership payment. A person who has not fully paid for his membership may not vote except as expressly permitted in the bylaws. Source: SDC 1939, §11.1114 (1) as enacted by SL 1965, ch 23, §1.
47-16-18. Other votes prohibited. Except as permitted in §§47-16-13 to 47-16-17, inclusive, no person other than a member may vote at any member meeting of a cooperative. Source: SDC 1939, §11.1114 as enacted by SL 1965, ch 23, §1.
47-16-19. Bylaws provisions for voting. The bylaws of a cooperative may set forth provisions, not inconsistent with this chapter, relating to the methods and procedures for voting. Source: SDC 1939, §11.1114 (7) as enacted by SL 1965, ch 23, §1.
47-16-2. Annual member meeting–Time of meeting. An annual member meeting of a cooperative shall be held at the time fixed in or pursuant to the bylaws. In the absence of a bylaw provision, such meeting shall be held within six months after the close of the fiscal year at the call of the president or […]
47-16-20. Percentage of vote. Whenever the articles of a cooperative require the vote of a greater proportion of the members than required by this chapter, the articles control. Source: SDC 1939, §11.1114 (8) as enacted by SL 1965, ch 23, §1.
47-16-21. Capital stock–Classes of stock. A cooperative organized with capital stock may issue the amount of stock stated in its articles. Such stock may be divided into two or more classes with such designations, preferences, limitations, and relative rights as shall be stated in the articles, except that: (1)Stock as such has no voting power; […]
47-16-22. Membership stock–Transfer of stock. The articles of a cooperative may require that members own one or more shares of membership stock. Such stock shall be issued or transferred only to a person eligible to become a member, and only when such person satisfies other requisites for membership. Unless restricted by the articles, stock other […]
47-16-23. Cooperative dealing in own stock. Unless the articles provide otherwise, a cooperative may acquire, recall, exchange, redeem, and reissue its own stock. Provisions in the articles and on the stock certificate may reserve to the cooperative a prior right to acquire any stock offered for sale, or a right to recall the stock of […]
47-16-24. Consideration for stock. The consideration paid for stock recalled by the cooperative shall be its par value and accrued unpaid dividends, provided that if the book value of such stock is less than the par value, the consideration shall be such book value. The cooperative may set off obligations of the stockholder to it. […]
47-16-25. Reacquisition of stock. When stock is acquired, recalled, exchanged, or redeemed by the cooperative, such stock is restored to the status of authorized but unissued stock. Source: SDC 1939, §11.1118 (4) as enacted by SL 1965, ch 23, §1.
47-16-26. Stockholders’ preemptive rights. Stockholders of a cooperative as such have no preemptive right to purchase additional stock. Source: SDC 1939, §11.1118 (5) as enacted by SL 1965, ch 23, §1.
47-16-27. Stock certificates–Conditions to issuance. No stock certificate may be issued by a cooperative except upon payment of the par value of the stock it represents. No cooperative shall issue stock or bonds except for money, labor done, or money or property actually received; and all fictitious increase of stock or indebtedness shall be void. […]
