South Dakota Codified Laws 47-22-71. Circumstances under which ultra vires may be asserted–Actions by corporationagainst officers or directors
Current as of: 2023 | Check for updates
|
Other versions
Notwithstanding § 47-22-69, the fact that a corporation was without capacity or power to do an act or to make or receive a conveyance or transfer of real or personal property may be asserted in a proceeding by the corporation, whether acting directly or through a receiver, trustee, or other legal representative, or through members in a representative suit, against the officers or directors of the corporation for exceeding their authority.
Terms Used In South Dakota Codified Laws 47-22-71
- 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.
- Trustee: A person or institution holding and administering property in trust.
Source: SL 1965, ch 24, § 6 (2).