Section 50-6A-12 - Exclusion of subdivisions from authority--Assets and liabilities--Bondholders'consent. - South Dakota Statutes

50-6A-12. Exclusion of subdivisions from authority--Assets and liabilities--Bondholders' consent. A regional airport authority may be decreased if each of the subdivisions then included in the regional authority and the commissioners of the regional authority consent to the decrease and make provisions for the retention or disposition of its assets and liabilities; provided that, if the regional authority has any bonds outstanding no decrease shall be effected unless one hundred per cent of the holders of the bonds consent thereto in writing.

Source: SL 1976, ch 303, § 4.