47-21-39. Cessation of business--Continuance of corporate existence--Notice to creditors--Publication. Upon the filing by the secretary of state of the certificate and affidavit required by § 47-21-38, the cooperative shall cease to carry on its business except to the extent necessary for the termination thereof, but its corporate existence shall continue until articles of dissolution have been filed by the secretary of state. The board of directors shall immediately cause notice of the dissolution proceedings to be mailed to each known creditor of and claimant against the cooperative and to be published once a week for two successive weeks in a newspaper of general circulation in the county in which the principal office of the cooperative is located.
Source: SL 1947, ch 33, § 21; SDC Supp 1960, § 11.2221 (2).
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