S.D. Codified Laws § 47-1A-744.1

Groups authorized to make determination that maintenance of proceeding not in best interest of corporation

Known as the South Dakota Business Corporation Act

The act spans §§ 47-1A-1001 to 47-1A-957 (383 sections).

Source: SL 2005, ch 239, § 128.

Unless a panel is appointed pursuant to § 47-1A-744.5">47-1A-744.5, the determination in § 47-1A-744 shall be made by:

(1) A majority vote of independent directors present at a meeting of the board of directors if the independent directors constitute a quorum; or

(2) A majority vote of a committee consisting of two or more independent directors appointed by majority vote of independent directors present at a meeting of the board of directors, whether or not such independent directors constituted a quorum.

Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.