46A-9-18. Board of directors--Qualification upon filing certificate of organization--Vacancy created by failure to qualify--First meeting. Immediately upon the filing of said certificate in the Office of the Secretary of State and a certified copy thereof in the office of each such county auditor, the members of the board of directors named in the petition shall qualify as provided for in this chapter and immediately assume the duties of their office. Failure or refusal to qualify within a period of fifteen days thereafter shall be deemed to create a vacancy which shall be filled as in this chapter provided. The first meeting of the board of directors shall be called by the director first named in the petition who qualifies.
Source: SL 1939, ch 291, § 4; SL 1943, ch 310; SDC Supp 1960, § 61.1304 (1); SDCL, § 46-16-17.
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