Procedure for forfeiture--Resolution--Time limit for claim

A motion or resolution may be passed or adopted by the board of directors of a cooperative declaring the forfeiture of any money or property described in § 47-16-54 unless the same is claimed by the person or persons entitled thereto within six months after notice of such forfeiture is given. Source: SDC 1939, § 11.1132 (1) as enacted by SL 1965, ch 23 , § 1.