SDCL § 58-35-5: Incorporators--Number and property ownership required for state mutual insurer.

One hundred or more individuals residing in this state, each of whom is at least twenty-one years of age, who collectively own farm property as referred to in § 58-35-29 valued at not less than five hundred thousand dollars which they desire to insure, and each of whom owns farm or ranch land situated in this state valued at not less than five thousand dollars, may incorporate as a state mutual insurer.