Section 7-3-7 - Inventory and apportionment of assets and liabilities by auditor-general. - South Dakota Statutes

7-3-7. Inventory and apportionment of assets and liabilities by auditor-general. Whenever a new county is organized or created out of an organized county in this state or in counties which have heretofore been divided and the liabilities and assets of the county as it existed prior to the division thereof have not been apportioned and divided by the board of county commissioners of the original county and the newly organized portion thereof, it shall be the duty of the auditor-general of this state, either by himself or his duly authorized assistant, forthwith to make an inventory of all of the assets and liabilities of such original county and such new county or counties and estimate the value and amount of such assets and liabilities. After notice to the county commissioners of the counties affected, it shall be the duty of the auditor-general or his assistant to apportion the liabilities and assets of such counties in the manner provided by law for the apportionment of bonded indebtedness.

Source: SL 1917, ch 175, § 1; RC 1919, § 5776; SDC 1939, § 12.0404.