RURAL ELECTRIC COOPERATIVES
Purpose and authority.
Name of cooperative--Exceptions.
Exclusive use of particular words.
Requirement that name be distinct.
Incorporators--Requisites and qualifications.
Articles of incorporation--Unnecessary recitals--Signing of articles.
Amendment of articles--Procedure--Two-thirds vote required.
Required recitals in amendment--Affidavit of compliance.
Board of directors--Bylaws--Meetings by teleconference.
Compensation of directors.
First directors--Term of office.
Election of directors--Maximum term of office.
Quorum of directors.
Husband and wife as directors.
Powers of board of directors.
Directors not disqualified from acknowledging instruments.
Adoption of first bylaws by directors--Subsequent bylaws adopted by members.
Provisions of bylaws.
Bylaw provision dividing area served into districts--Election of directors by districts--District meetings--Proxy voting prohibited.
Officers--Election and qualifications--Removal of officers.
Indemnification of directors, officers, agents, and employees against liability under
Circumstances under which directors, officers, agents, and employees may not be
Indemnification of successful director, officer, agent, or employee for expenses
incurred in proceeding.
Conversion of corporation into cooperative.
Submission of conversion proposition to stockholders--Notice of meeting.
Two-thirds vote required for approval--Articles of conversion--Contents of articles--Affidavit of compliance.
Submission of consolidation proposition to members--Notice of meeting.
Majority vote required for approval--Articles of consolidation--Contents of articles--Affidavit of compliance.
Submission of merger proposition to members--Notice of meeting.
Majority vote required for approval--Articles of merger--Contents of articles--Affidavit of compliance.
Articles of consolidation as governing consolidated cooperative--Articles of
surviving cooperative as governing merged cooperative.
Transfer of rights and obligations to surviving cooperative.
Liabilities after consolidation or merger--Preexisting claims--Substitution of parties.
Rights of creditors and lienors unaffected by consolidation or merger.
Dissolution before commencement of business--Articles of dissolution--Majority
approval required--Contents of articles.
Dissolution after commencement of business.
Submission of dissolution proposition to members--Majority vote required.
Certificate of election to dissolve--Contents of certificate--Submission to secretary
Cessation of business--Continuance of corporate existence--Notice to creditors--Publication.
Liquidation of affairs of cooperative--Distribution of assets--Rights of patrons--Rights of members--Distribution of remains.
Articles of dissolution--Contents of articles.
Delivery of articles to secretary of state--Fees--Effective date of action--Certificates
of election to dissolve.
Fee schedule of secretary of state.
Encumbering cooperative property in favor of governmental agency permitted.
Circumstances under which property may be transferred--Majority vote required--Transfer to security holders.
Place of recordation of encumbrance.
Filing and recording of trust deed or mortgage in Office of Secretary of State--Effect.
Filing required under chapter 57A-9 to be maintained in Office of Secretary of State--Contents of financing statement--Termination of effectiveness.
Filing of mortgage or trust deed covering less than fee simple interest--Effect--Termination--Sufficiency of description.
Applicability of other laws--Single filing--Index.
Assignment or discharge of trust deed or mortgage.
After-acquired property as subject to encumbrance--Recordation as notice.
Encumbrance against personal property--Continuance of lien without refiling.
Members of cooperatives--Qualifications.
Use of electric energy required--Failure to make energy available.
Husband and wife as members--Membership not transferable--Additional
qualifications of members.
Liability of members for acts of cooperative.
Annual members' meeting.
Special meetings for members--Procedure for calling.
Notice of meeting--Contents of notice--Method of giving notice.
Quorum for members' meetings--Quorum for district meeting--Adjournment for
failure of quorum.
Voting by members--Spouse voting for member--Mail voting.
Waiver of notice--Attendance as waiver--Exceptions.
Powers of cooperative--Capacity to sue and be sued.
Powers of cooperative--Perpetual existence.
Powers of cooperative--Corporate seal.
Powers of cooperative--Generation and distribution of electric energy.
Powers of cooperative--Dealing in property and equipment.
Powers of cooperative--Franchises, licenses and easements.
Powers of cooperative--Borrowing--Security for borrowing.
Powers of cooperative--Construction and maintenance of facilities on public lands.
Powers of cooperative--Eminent domain.
Powers of cooperative--Joining other cooperatives.
Powers of cooperative--Extraterritorial powers.
Powers of cooperative--Bylaws.
Powers of cooperative--Other powers.
Requirement that cooperative be nonprofit--Disposition of revenues.
Directors not liable for distribution in good faith reliance on financial statements or
Municipal corporation or county grant to use public streets.
Foreign cooperatives--Conditions to local operation--Statement to secretary of state--Contents of statement.
Construction to comply with National Electrical Safety Code--Compliance
establishes due care in negligence claim.
Change of location of principal office--Certificate to secretary of state.
Securities regulation laws inapplicable.
Construction of chapter.
Limitation of actions.
Severability and saving clause.
Citation of chapter.
Cooperatives able to use property and funds to promote economic development and
may lend money--Restrictions on loans.
Forfeiture of unclaimed credits.
Application of South Dakota's Public Communications Network Infrastructure.