South Dakota Codified Laws 47-1A-861. Judicial action–Transaction other than director’s conflicting interest transaction
Current as of: 2023 | Check for updates
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A transaction effected or proposed to be effected by a corporation, or by a subsidiary of the corporation or any other entity in which the corporation has a controlling interest, that is not a director’s conflicting interest transaction, may not be enjoined, set aside, or give rise to an award of damages or other sanctions, in a proceeding by a shareholder or by or in the right of the corporation, because a director of the corporation, or any person with whom or which the director has a personal, economic, or other association, has an interest in the transaction.
Terms Used In South Dakota Codified Laws 47-1A-861
- 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.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Entity: includes domestic and foreign business corporation. See South Dakota Codified Laws 47-1A-140
- 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
Source: SL 2005, ch 239, § 184.