{"data":{"id":"us-sd/sdcl-47-21-24","jurisdiction":"us-sd","citation":"SDCL § 47-21-24","heading":"Two-thirds vote required for approval--Articles of conversion--Contents of articles--Affidavit of compliance.","body":"If the proposition for the conversion of the corporation described in § 47-21-22 into a cooperative and the proposed articles of conversion, with any amendments, are approved by the affirmative vote of not less than two-thirds of those members of such corporation voting thereon at such meeting, or, if such corporation is a stock corporation, by the affirmative vote of the holders of not less than two-thirds of those shares of the capital stock of such corporation represented at such meeting and voting thereon, or in the case of a corporation having no members and no shares of its capital stock outstanding, by the affirmative vote of not less than two-thirds of its incorporators, articles of conversion in the form approved shall be executed and acknowledged on behalf of such corporation by its president or vice-president and its seal shall be affixed thereto and attested by its secretary. The articles of conversion shall recite that they are executed pursuant to this chapter and shall state:\n(1) The name of the corporation and the address of its principal office prior to its conversion into a cooperative;\n(2) The statute or statutes under which it was organized;\n(3) A statement that such corporation elects to become a cooperative, nonprofit membership corporation subject to this chapter;\n(4) Its name as a cooperative;\n(5) The address of the principal office of the cooperative;\n(6) The names and addresses of the directors of the cooperative; and\n(7) The manner in which members, stockholders or incorporators of such corporation may or shall become members of the cooperative;\nand may contain any provisions not inconsistent with this chapter deemed necessary or advisable for the conduct of the business of the cooperative. The president or vice-president executing such articles of conversion shall make and annex thereto an affidavit stating that the provisions of this section and § 47-21-23 were duly complied with in respect of such articles. The articles of conversion shall be deemed to be the articles of incorporation of the cooperative.","path":["TITLE 47. CORPORATIONS","CHAPTER 47-21. RURAL ELECTRIC COOPERATIVES"],"source_url":"https://sdlegislature.gov/Statutes/47-21-24","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:57Z","sha256":"78d3b574ea6f1b0f7156053835938e4ddcb9776327d9151bea40cf4752c7a051","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-47-21-23","next":"us-sd/sdcl-47-21-25"},"notice":"GroundRules: Original legal text. Not legal advice."}