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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