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§ 47-1A-744.2 Factors not pertinent to determining independence of directors.

SD Codified L § 47-1A-744.2 (2019) (N/A)
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47-1A-744.2. Factors not pertinent to determining independence of directors. None of the following is, by itself, cause for a director to be considered not independent for purposes of §§ 47-1A-744 to 47-1A-744.5, inclusive:

(1) The nomination or election of the director by persons who are defendants in the derivative proceeding or against whom action is demanded;

(2) The naming of the director as a defendant in the derivative proceeding or as a person against whom action is demanded; or

(3) The approval by the director of the act being challenged in the derivative proceeding or demand if the act resulted in no personal benefit to the director.Source: SL 2005, ch 239, § 129.

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§ 47-1A-744.1 Groups authorized to make determination that maintenance of proceeding not in best interest of corporation.
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§ 47-1A-744.3 Proceeding commenced after rejection of shareholder demand--Complaint requirements.