Conversion of corporation into cooperative

Any corporation organized under the laws of this state and supplying or having the corporate power to supply electric energy may be converted into a cooperative by complying with the requirements of §§ 47-21-23 and 47-21-24 and shall thereupon become subject to this chapter with the same effect as if originally organized under this chapter. Source: SL 1947, ch 33, § 20; SDC Supp 1960, § 11.2220.