2018 South Dakota Codified Laws
Title 47 - CORPORATIONS
Chapter 21 - Rural Electric Cooperatives
§ 47-21-21.3 Circumstances under which directors, officers, agents, and employees may not be indemnified.

47-21-21.3. Circumstances under which directors, officers, agents, and employees may not be indemnified. Unless otherwise ordered by a court, a cooperative may not indemnify a director, officer, agent, or employee:

(1) In connection with a proceeding by or in the right of the cooperative, except for reasonable expenses incurred in connection with the proceeding if it is determined that the director, officer, agent, or employee has met the relevant standard of conduct pursuant to § 47-21-21.2; or

(2) In connection with any proceeding with respect to conduct for which the director, officer, agent, or employee was adjudged liable on the basis that the director, officer, agent, or employee received a financial benefit to which the director, officer, agent, or employee was not entitled, whether or not involving action in the official capacity of the director, officer, agent, or employee.
Source: SL 2007, ch 260, § 2; SL 2009, ch 232, § 2.

Disclaimer: These codes may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.