S.D. Codified Laws § 47-1A-833.1
This is the official text of S.D. Codified Laws § 47-1A-833.1, 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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Contribution or recoupment--Limitation of action
Official statutory text
A director held liable under § 47-1A-833 for an unlawful distribution is entitled to:
(1) Contribution from every other director who could be held liable under § 47-1A-833 for the unlawful distribution; and
(2) Recoupment from each shareholder of the pro-rata portion of the amount of the unlawful distribution the shareholder accepted, knowing the distribution was made in violation of § 47-1A-640 or 47-1A-1409 .
A proceeding to enforce contribution or recoupment under this section is barred unless it is commenced within one year after the liability of the claimant has been finally adjudicated under § 47-1A-833 .
Source: SL 2005, ch 239, § 163.
(1) Contribution from every other director who could be held liable under § 47-1A-833 for the unlawful distribution; and
(2) Recoupment from each shareholder of the pro-rata portion of the amount of the unlawful distribution the shareholder accepted, knowing the distribution was made in violation of § 47-1A-640 or 47-1A-1409 .
A proceeding to enforce contribution or recoupment under this section is barred unless it is commenced within one year after the liability of the claimant has been finally adjudicated under § 47-1A-833 .
Source: SL 2005, ch 239, § 163.
Status: in_force · Read it on the official government site
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