A cooperative shall indemnify a director, officer, agent, or employee who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the director, officer, agent, or employee was a party by reason of being a director, officer, agent, or employee of the cooperative, against reasonable expenses incurred in connection with the proceeding.
S.D. Codified Laws § 47-21-21.4
Indemnification of successful director, officer, agent, or employee for expenses incurred in proceeding
Known as the Electric Cooperative Law
The act spans §§ 47-21-1 to 47-21-9 (92 sections).
Source: SL 2007, ch 260, § 3; SL 2009, ch 232, § 3.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.