ENTITLED, An Act to  provide for the division of farm mutual insurance companies.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
     Section  1.  That chapter 58-35 be amended by adding thereto a NEW SECTION to read as follows:

     Any farm mutual may divide itself into two or more farm mutuals. A written plan of division shall be prepared by the board of directors or by a committee selected by the board for that purpose. The plan of division shall set forth all the terms of the division and the proposed effect of the division on all members of the farm mutual. The plan shall also contain the articles of each new farm mutual being formed, if applicable, and any amendments to the articles of the remaining farm mutual. The applicable provisions of §  58-35-60 apply to the plan of division and to the merger or integration of the divided farm mutual into another farm mutual or farm mutuals.
     Section  2.  That chapter 58-35 be amended by adding thereto a NEW SECTION to read as follows:

     The members of the farm mutual shall vote on the proposed plan of division in the manner provided in § §  58-35-61 and 58-35-62.
     Section  3.  That chapter 58-35 be amended by adding thereto a NEW SECTION to read as follows:

     The articles of division of a farm mutual, if approved, shall set forth the approved plan and such other information as required by §  58-35-63 and shall be filed and approved as provided for by §  58- 35-64. Each part of the plan that contains the articles of a new farm mutual shall be separately filed and recorded as articles of incorporation for such new farm mutual. Any new farm mutual formed pursuant to this Act is subject to the provisions of this chapter in the same manner as any other farm mutual.

---

An Act to provide for the division of farm mutual insurance companies.

========================= I certify that the attached Act originated in the HOUSE as Bill No. 1094 ____________________________ Chief Clerk =========================      ____________________________ Speaker of the House Attest: ____________________________ Chief Clerk ____________________________ President of the Senate Attest: ____________________________ Secretary of the Senate House Bill No. 1094 File No. ____ Chapter No. ______

========================= Received at this Executive Office this _____ day of _____________ , 20____ at ____________ M. By _________________________ for the Governor ========================= The attached Act is hereby approved this ________ day of ______________ , A.D., 20___ ____________________________ Governor ========================= STATE OF SOUTH DAKOTA, ss. Office of the Secretary of State Filed ____________ , 20___ at _________ o'clock __ M. ____________________________ Secretary of State By _________________________ Asst. Secretary of State