S.D. Codified Laws § 47-1A-861.1
This is the official text of S.D. Codified Laws § 47-1A-861.1, 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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Judicial action--Director's conflicting interest transaction
Official statutory text
A director's conflicting interest transaction may not be enjoined, set aside, or give rise to an award of damages or other sanctions, in a proceeding by a shareholder or by or in the right of the corporation, because the director, or any person with whom or which the director has a personal, economic, or other association, has an interest in the transaction, if:
(1) Directors' action respecting the transaction was at any time taken in compliance with §§ 47-1A-862 to 47-1A-862.3 , inclusive;
(2) Shareholders' action respecting the transaction was at any time taken in compliance with §§ 47-1A-863 to 47-1A-863.3 , inclusive; or
(3) The transaction, judged according to the circumstances at the time of commitment, is established to have been fair to the corporation.
Source: SL 2005, ch 239, § 185.
(1) Directors' action respecting the transaction was at any time taken in compliance with §§ 47-1A-862 to 47-1A-862.3 , inclusive;
(2) Shareholders' action respecting the transaction was at any time taken in compliance with §§ 47-1A-863 to 47-1A-863.3 , inclusive; or
(3) The transaction, judged according to the circumstances at the time of commitment, is established to have been fair to the corporation.
Source: SL 2005, ch 239, § 185.
Status: in_force · Read it on the official government site
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