There is a newer version of the South Dakota Codified Laws
2011 South Dakota Code
Title 49 PUBLIC UTILITIES AND CARRIERS
Chapter 17A. Regional Railroad Authorities
§49-17A-12 Withdrawal of subdivision from authority--Disposition of assets and liabilities.
SD Codified L § 49-17A-12 (through 2011) What's This?
49-17A-12. Withdrawal of subdivision from authority--Disposition of assets and liabilities. A regional authority may be decreased if the commissioners of the regional authority consent to the decrease. In such event, the commissioners shall provide for the retention and make provisions for the retention or disposition of its assets and liabilities. However, if the regional authority has any bonds outstanding no decrease shall be effected unless one hundred percent of the holders of the bonds consent in writing thereto.
Source: SL 1978, ch 344, § 12.
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