South Dakota Codified Laws 47-1A-744.2. Factors not pertinent to determining independence of directors
Current as of: 2023 | Check for updates
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None of the following is, by itself, cause for a director to be considered not independent for purposes of §§ 47-1A-744 to 47-1A-744.5, inclusive:
(1) The nomination or election of the director by persons who are defendants in the derivative proceeding or against whom action is demanded;
Terms Used In South Dakota Codified Laws 47-1A-744.2
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Person: includes an individual and an entity. See South Dakota Codified Laws 47-1A-140
- Proceeding: includes civil suit and criminal, administrative, and investigatory action. See South Dakota Codified Laws 47-1A-140
(2) The naming of the director as a defendant in the derivative proceeding or as a person against whom action is demanded; or
(3) The approval by the director of the act being challenged in the derivative proceeding or demand if the act resulted in no personal benefit to the director.
Source: SL 2005, ch 239, § 129.