South Dakota Codified Laws 47-1A-830. Standards of conduct for directors
Current as of: 2023 | Check for updates
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Each member of the board of directors, when discharging the duties of a director, shall act in good faith and in a manner the director reasonably believes to be in the best interests of the corporation. The members of the board of directors or a committee of the board, when becoming informed in connection with their decision-making function or devoting attention to their oversight function, shall discharge their duties with the care that a person in a like position would reasonably believe appropriate under similar circumstances.
Terms Used In South Dakota Codified Laws 47-1A-830
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Oversight: Committee review of the activities of a Federal agency or program.
- Person: includes an individual and an entity. See South Dakota Codified Laws 47-1A-140
Source: SL 2005, ch 239, § 157.