Section 47-21-12 - First directors--Term of office.
47-21-12. First directors--Term of office. The directors of a cooperative named in any articles of incorporation, consolidation, merger, or conversion, shall hold office for their terms and until their successors are elected and qualify.
Source: SL 1947, ch 33, § 12; SDC Supp 1960, § 11.2212 (2).