South Dakota Codified Laws 3-23-2.1. Circumstances under which state authority, board, or commission member has interest in contract
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An elected or appointed member of a state authority, board, or commission has an interest in a contract if the member, the member’s spouse, or any other person with whom the member lives or commingles assets:
(1) Is employed by a party to the contract; or
Terms Used In South Dakota Codified Laws 3-23-2.1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(2) Receives more than nominal compensation or reimbursement for actual expenses for serving on the board of directors of an entity that derives income or commission directly from the contract or acquires property under the contract.
Source: SL 2017, ch 31, § 4.