South Dakota Codified Laws 3-23-2.2. Circumstances under which state authority, board, or commission member does not derive direct benefit from or have interest in contract
A state authority, board, or commission member does not derive a direct benefit from or have an interest in a contract:
(1) Based solely on the value associated with the member’s publicly-traded investments or holdings, or the investments or holdings of any other person with whom the member lives or commingles assets;
Terms Used In South Dakota Codified Laws 3-23-2.2
- 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
(2) By participating in a vote or a decision in which the member’s only interest arises from an act of general application;
(3) If the member is a state employee and is authorized to enter into the contract pursuant to §§ 5-18A-17 through 5-18A-17.6, inclusive;
(4) If the contract is for the sale of goods, or for maintenance or repair services, in the regular course of business at or below a price offered to all customers;
(5) If the contract is subject to a public bidding process; or
(6) If the contract is for the deposit of public funds in a financial institution as otherwise authorized by law.
Source: SL 2017, ch 31, § 5.