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§ 47-1A-861.1 Judicial action--Director's conflicting interest transaction.

SD Codified L § 47-1A-861.1 (2019) (N/A)
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47-1A-861.1. Judicial action--Director's conflicting interest transaction. A director's conflicting interest transaction may not be enjoined, set aside, or give rise to an award of damages or other sanctions, in a proceeding by a shareholder or by or in the right of the corporation, because the director, or any person with whom or which the director has a personal, economic, or other association, has an interest in the transaction, if:

(1) Directors' action respecting the transaction was at any time taken in compliance with §§ 47-1A-862 to 47-1A-862.3, inclusive;

(2) Shareholders' action respecting the transaction was at any time taken in compliance with §§ 47-1A-863 to 47-1A-863.3, inclusive; or

(3) The transaction, judged according to the circumstances at the time of commitment, is established to have been fair to the corporation.Source: SL 2005, ch 239, § 185.

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§ 47-1A-862 Directors' action respecting transaction--Effectiveness.