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.
S.D. Codified Laws § 47-22-71
Circumstances under which ultra vires may be asserted--Actions by corporation against officers or directors
Known as the South Dakota Nonprofit Corporation Act
The act spans §§ 47–47 (90 sections).
Source: SL 1965, ch 24, § 6 (2).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.