Any officer or agent elected or appointed may be removed by the persons authorized to elect or appoint such officer whenever in their judgment the best interests of the corporation will be served thereby. The removal of an officer or agent shall be without prejudice to the contract rights, if any, of the officer so removed. Election or appointment of an officer or agent shall not of itself create contract rights.
S.D. Codified Laws § 47-23-25
Removal of officers--Contract rights unaffected
Applied in 1 court decision — leading case Nelson v. WEB Water Development Ass'n, Inc. (1993)
Most recently applied in Nelson v. WEB Water Development Ass'n, Inc. (October 1993)
Source: SL 1965, ch 24, § 26.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.