Purpose and authority

Cooperatives may be organized under this chapter for any lawful purpose except banking, securities, and insurance. Cooperatives proposing to provide local exchange telephone service in a rural telephone company's service area may do so only in compliance with the procedures contained in section 251(f) of the Communication Act of 1934, as amended by the Telecommunications Act of 1996. Source: SL 1947, ch 33, § 2; SDC Supp 1960, § 11.2202; SL 1989, ch 392, § 1; SL 1994, ch 349, § 1; SL 1997, ch 258, § 1.