LegalFix
Sign In

§ 47-22-71 Circumstances under which ultra vires may be asserted--Actions by corporation against officers or directors.

SD Codified L § 47-22-71 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

47-22-71. Circumstances under which ultra vires may be asserted--Actions by corporation against officers or directors. Notwithstanding § 47-22-69, the fact that a corporation was without capacity or power to do an act or to make or receive a conveyance or transfer of real or personal property may be asserted in a proceeding by the corporation, whether acting directly or through a receiver, trustee, or other legal representative, or through members in a representative suit, against the officers or directors of the corporation for exceeding their authority.

Source: SL 1965, ch 24, § 6 (2).

Previous Section
§ 47-22-70 Circumstances under which ultra vires may be asserted--Actions by members or directors--Injunctions.
Next Section
§ 47-22-72 Circumstances under which ultra vires may be asserted--Actions by attorney general to dissolve or enjoin corporation.