S.D. Codified Laws § 47-1A-744.1
This is the official text of S.D. Codified Laws § 47-1A-744.1, 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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Groups authorized to make determination that maintenance of proceeding not in best interest of corporation
Official statutory text
Unless a panel is appointed pursuant to § 47-1A-744.5 , the determination in § 47-1A-744 shall be made by:
(1) A majority vote of independent directors present at a meeting of the board of directors if the independent directors constitute a quorum; or
(2) A majority vote of a committee consisting of two or more independent directors appointed by majority vote of independent directors present at a meeting of the board of directors, whether or not such independent directors constituted a quorum.
Source: SL 2005, ch 239, § 128.
(1) A majority vote of independent directors present at a meeting of the board of directors if the independent directors constitute a quorum; or
(2) A majority vote of a committee consisting of two or more independent directors appointed by majority vote of independent directors present at a meeting of the board of directors, whether or not such independent directors constituted a quorum.
Source: SL 2005, ch 239, § 128.
Status: in_force · Read it on the official government site
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