2006 South Dakota Code - 3-22-20 — Legislative intent--Distribution of assets upon termination--Fulfillment of preexistingobligations.

     3-22-20.   Legislative intent--Distribution of assets upon termination--Fulfillment of preexisting obligations. This chapter is intended as direct state action within the meaning of federal antitrust laws. If this chapter is found unconstitutional or any part of it is stricken by a court of competent jurisdiction, which action frustrates the purpose of this chapter to provide limited liability coverage for the member public entities of South Dakota, or is terminated by legislative action, the assets of the fund shall be distributed as surplus funds are distributed pursuant to § 3-22-14. Sufficient funds or annuities shall be retained in the fund to fulfill any obligations assumed prior to the dissolution of the PEPL.

Source: SL 1986, ch 413, § 21.