2019 South Dakota Codified Laws
Title 47 - Corporations
Chapter 01A - South Dakota Business Corporation Act
§ 47-1A-862 Directors' action respecting transaction--Effectiveness.
47-1A-862. Directors' action respecting transaction--Effectiveness. Directors' action respecting a transaction is effective for purposes of subdivision 47-1A-861.1(1) if the transaction received the affirmative vote of a majority, but no fewer than one, of those qualified directors on the board of directors or on a duly empowered committee of the board who voted on the transaction after either required disclosure to them, to the extent the information was not known by them, or compliance with § 47-1A-861.1. However, action by a committee is effective only if:
(1) At least one of its members is a qualified director; and
(2) Its members are either all the qualified directors on the board or are appointed by the affirmative vote of a majority of the qualified directors on the board.
Source: SL 2005, ch 239, § 186; SL 2019, ch 196, § 1.
