2006 South Dakota Code - 35-3-16 — Arbitration of price paid to licensee forced out of business--Maximum price andinventory.35-3-16. Arbitration of price paid to licensee forced out of business--Maximum price and inventory. In the event the parties referred to in § 35-3-15 agree to arbitration, the board of arbitration shall consist of one arbitrator to be selected by the municipality, one by the former licensee and a third shall be selected by both the two selected arbitrators. The determination of any arbitrators shall govern, except that the municipality as defined in § 35-3-6 shall in no event be bound to purchase any fixtures, equipment, or stock acquired by any former licensee after the filing of the petition submitting the question specified in § 35-3-12. Such determination as to value of such fixtures, equipment, and stock shall be binding on the parties, provided that the same does not exceed the invoice price plus any federal tax paid thereon subsequent to its acquisition and provided further that the aggregate of the stock does not exceed the level of the average inventory of such stock carried by the dealer for the two years immediately preceding the holding of the election providing for the municipal sale of alcoholic beverages under chapter 35-4.
Source: SDC 1939, § 5.0236 as added by SL 1951, ch 7; SL 1953, ch 11; SL 1959, ch 10, § 3.
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