Section 47-18-18 - Power and authority of court--Appointment of receiver. - South Dakota Statutes

47-18-18. Power and authority of court--Appointment of receiver. Upon the filing of any action under § 47-18-17, the court acquires exclusive jurisdiction of all matter pertaining to the liquidation of such cooperative and the distribution of its assets to persons entitled thereto and may determine and order paid the expense of such liquidation proceedings. The court has power to issue injunctions, appoint receivers with such duties and powers as the court may direct, and take any other action necessary to the cooperative's liquidation. A receiver appointed in such proceeding has authority to sue and be sued as receiver for the cooperative.

Source: SDC 1939, § 11.1145 (2) as enacted by SL 1965, ch 23, § 1.