§ 47-17-1 Board of directors as manager of cooperative–Qualifications of directors
§ 47-17-2 Compensation of directors
§ 47-17-3 Number of directors
§ 47-17-4 First directors as temporary board–Election of permanent directors–Territorial directors–Directors’ terms of office–Alternates
§ 47-17-4.1 Use of funds or employee activity to promote election to office prohibited–Directors and officers permitting violation subject to civil fine
§ 47-17-5 Removal of directors
§ 47-17-6 Vacancies on board of directors
§ 47-17-7 Liability of directors for improper distribution of assets
§ 47-17-7.1 Directors not liable for distribution in good faith reliance on financial statements or accountant’s representation
§ 47-17-8 Board meetings
§ 47-17-9 Quorum at meeting
§ 47-17-10 Waiver of notice of meeting
§ 47-17-11 Specification of purpose of meeting
§ 47-17-12 Directors’ executive committee–Powers of committee
§ 47-17-13 Action without meeting of directors–Written consent
§ 47-17-14 Principal officers of cooperative–Election by board of directors
§ 47-17-15 Other officers
§ 47-17-16 Authority of officers
§ 47-17-17 Removal of officers
§ 47-17-18 Compensation of officers
§ 47-17-20 Filing false document as felony
§ 47-17-21 Indemnification of directors, officers, agents, and employees against liability under certain circumstances
§ 47-17-22 Circumstances under which directors, officers, agents, and employees may not be indemnified
§ 47-17-23 Indemnification of successful director, officer, agent, or employee for expenses incurred in proceeding
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Terms Used In South Dakota Codified Laws > Title 47 > Chapter 17 - Cooperatives--Directors, Officers and Employees

  • 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.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Quorum: The number of legislators that must be present to do business.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2