S.D. Codified Laws § 47-1A-1021
This is the official text of S.D. Codified Laws § 47-1A-1021, part of South Dakota’s Codified Laws — part of the compiled statutory law of South Dakota, published by the state as "Codified Laws." Browse the sections below, each linked to its official government source.
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Bylaw increasing quorum or voting requirement for directors
Official statutory text
A bylaw that increases a quorum or voting requirement for the board of directors may be amended or repealed:
(1) If originally adopted by the shareholders, only by the shareholders, unless the bylaw otherwise provides;
(2) If adopted by the board of directors, either by the shareholders or by the board of directors.
A bylaw adopted or amended by the shareholders that increases a quorum or voting requirement for the board of directors may provide that it can be amended or repealed only by a specified vote of either the shareholders or the board of directors.
Action by the board of directors under this section to amend or repeal a bylaw that changes the quorum or voting requirement for the board of directors must meet the same quorum requirement and be adopted by the same vote required to take action under the quorum and voting requirement then in effect or proposed to be adopted, whichever is greater.
Source: SL 2005, ch 239, § 247.
(1) If originally adopted by the shareholders, only by the shareholders, unless the bylaw otherwise provides;
(2) If adopted by the board of directors, either by the shareholders or by the board of directors.
A bylaw adopted or amended by the shareholders that increases a quorum or voting requirement for the board of directors may provide that it can be amended or repealed only by a specified vote of either the shareholders or the board of directors.
Action by the board of directors under this section to amend or repeal a bylaw that changes the quorum or voting requirement for the board of directors must meet the same quorum requirement and be adopted by the same vote required to take action under the quorum and voting requirement then in effect or proposed to be adopted, whichever is greater.
Source: SL 2005, ch 239, § 247.
Status: in_force · Read it on the official government site
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