Section 47-16-55 - Procedure for forfeiture--Resolution--Time limit for claim. - South Dakota Statutes

47-16-55. Procedure for forfeiture--Resolution--Time limit for claim. A motion or resolution may be passed or adopted by the board of directors of a cooperative declaring the forfeiture of any money or property described in § 47-16-54 unless the same is claimed by the person or persons entitled thereto within six months after notice of such forfeiture is given.

Source: SDC 1939, § 11.1132 (1) as enacted by SL 1965, ch 23, § 1.