South Dakota governance risk

43-15A) is silent on ongoing governance — there is no statutory board structure, meeting, notice, quorum, election, proxy, declarant-transition timeline, open-meeting requirement, or records-inspection right in the act. Governance is supplied by the master deed, bylaws, and rules — the primary and controlling source for board composition, terms, meetings, notice, quorum, voting, proxies, elections, and declarant transition — and, for incorporated associations, by the South Dakota Nonprofit Corporation Act (S.D.C.L. Title 47, ch. 47-22 et seq.), which provides director election and removal, officer and meeting defaults where the bylaws are silent, a members' records-inspection right for any proper purpose at any reasonable time, and indemnification, amendment, and dissolution rules. There is no statutory open-meeting mandate for boards (the open-meeting law, S.D.C.L. ch. 1-25, governs public bodies, not private associations), and no statutory declarant-control termination trigger. Compounding all of it, there is no state condo or HOA regulator, no ombudsman, no registration, and no community-association-manager licensing, so every governance dispute is resolved internally or in circuit court.