Section 46A-6-51 - Transfer of assets and liabilities of nonprofit entity to district--Approval bygoverning board and electors. - South Dakota Statutes

46A-6-51. Transfer of assets and liabilities of nonprofit entity to district--Approval by governing board and electors. Any nonprofit corporation, cooperative, or association located within an irrigation district may transfer assets, liabilities, contracts, or other obligations to the irrigation district. To be valid, such transfer shall be approved by formal resolution of the governing body of the transferring entity and also shall be approved in an election thereon by an affirmative majority vote of the district electors voting on the question.

Source: SL 1984, ch 295, § 1.