Section 47-26-8 - Adoption of plan by corporation having no members entitled to vote. - South Dakota Statutes

47-26-8. Adoption of plan by corporation having no members entitled to vote. Where there are no members, or no members entitled to vote thereon, a plan of distribution shall be adopted at a meeting of the board of directors upon receiving the vote of a majority of the directors in office.

Source: SL 1965, ch 24, § 49 (2).