S.D. Codified Laws § 47-1A-851.1
This is the official text of S.D. Codified Laws § 47-1A-851.1, 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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Prohibited indemnification--Exception
Official statutory text
Unless ordered by a court under subdivision 47-1A-854(3), a corporation may not indemnify a director:
(1) In connection with a proceeding by or in the right of the corporation, except for reasonable expenses incurred in connection with the proceeding if it is determined that the director has met the relevant standard of conduct under § 47-1A-851 ; or
(2) In connection with any proceeding with respect to conduct for which the director was adjudged liable on the basis that the director received a financial benefit to which the director was not entitled, whether or not involving action in the director's official capacity.
Source: SL 2005, ch 239, § 173.
(1) In connection with a proceeding by or in the right of the corporation, except for reasonable expenses incurred in connection with the proceeding if it is determined that the director has met the relevant standard of conduct under § 47-1A-851 ; or
(2) In connection with any proceeding with respect to conduct for which the director was adjudged liable on the basis that the director received a financial benefit to which the director was not entitled, whether or not involving action in the director's official capacity.
Source: SL 2005, ch 239, § 173.
Status: in_force · Read it on the official government site
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