South Dakota Codified Laws 47-13B-7. Qualifications of directors and officers–Restrictions on powers of lay directors and officers
Current as of: 2023 | Check for updates
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The principal executive officer shall be a shareholder and a director and, to the extent possible, all other directors and principal officers shall be shareholders, and lay directors and officers shall not exercise any authority whatsoever over professional matters.
Terms Used In South Dakota Codified Laws 47-13B-7
- officer: includes any manager of a limited liability company or the members of a limited liability company that does not have managers. See South Dakota Codified Laws 47-13B-1.1
- Shareholders: includes the members of a limited liability company. See South Dakota Codified Laws 47-13B-1.1
Source: SL 1971, ch 260, § 1 (6).