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2020 South Dakota Codified Laws
Title 47 - Corporations
Chapter 01A - South Dakota Business Corporation Act
Section 47-1A-1409 - Director duties.
Universal Citation:
SD Codified L § 47-1A-1409 (2020)
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47-1A-1409. Director duties.
Directors shall cause the dissolved corporation to discharge or make reasonable provision for the payment of claims and make distributions of assets to shareholders after payment or provision for claims.
Directors of a dissolved corporation which has disposed of claims under §§47-1A-1406 to 47-1A-1406.2, inclusive, 47-1A-1407 to 47-1A-1407.2, inclusive, or 47-1A-1408 and 47-1A-1408.1, are not liable for breach of this section with respect to claims against the dissolved corporation that are barred or satisfied under §§47-1A-1406 to 47-1A-1406.2, inclusive, 47-1A-1407 to 47-1A-1407.2, inclusive, or 47-1A-1408 and 47-1A-1408.1.
Source: SL 2005, ch 239, §326.
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