Section 49-40-7 - Transfer of assets to private person prohibited.
49-40-7. Transfer of assets to private person prohibited. The governing body of a consumers power district may never lease nor alienate the franchises, plant, or physical equipment of the district to any private person, firm, association, or corporation except a political subdivision or public corporation, another consumers power district, or nonprofit cooperative financed in whole or in part by the Rural Electrification Administration or any other federal agency for operating, or for any other purpose.
Source: SL 1950 (SS), ch 17, § 69; SDC Supp 1960, § 52.1768; SL 1998, ch 276, § 30.