Section 47-16-32 - Missing securities--Redemption--Procedure. - South Dakota Statutes

47-16-32. Missing securities--Redemption--Procedure. When records of a cooperative showing ownership of securities or apportionment of equity interest in the assets are missing and the information therein contained is necessary to a proposed redemption of the interest, the cooperative may give notice and redeem as follows:
(1) The cooperative shall set aside an amount equal to the value of the interests to be redeemed;
(2) The cooperative shall give notice of such redemption to all owners of interests of which the cooperative has knowledge;
(3) If there are interests, the ownership of which is unknown to the cooperative, it shall publish notice of the redemption at least once a month for four months both in a publication circulated among members of cooperatives in the area, if any, and in a newspaper of general circulation in the area;
(4) Any unclaimed outstanding interest represented by the missing records may then be terminated in accordance with §§ 47-16-54 to 47-16-59, inclusive.

Source: SDC 1939, § 11.1121 (2) as enacted by SL 1965, ch 23, § 1.