There is a newer version of the South Dakota Codified Laws
2011 South Dakota Code
Title 47 CORPORATIONS
Chapter 01A. South Dakota Business Corporation Act
§47-1A-741 Standing.
SD Codified L § 47-1A-741 (through 2011) What's This?
47-1A-741. Standing. No shareholder may commence or maintain a derivative proceeding unless the shareholder:
(1) Was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time; and
(2) Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.
Source: SL 2005, ch 239, § 124.
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