§ 47-23-27 Indemnification of corporate agents for liability from good faith acts on behalf of corporation.

SD Codified L § 47-23-27 (2019) (N/A)

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47-23-27. Indemnification of corporate agents for liability from good faith acts on behalf of corporation. A nonprofit corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened pending or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative other than an action by or in the right of the corporation by reason of the fact that that person is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee, or agent or another corporation, limited liability company, partnership, joint venture, trust, or other enterprise, against expenses including attorneys' fees, judgments, fines, and amounts paid in settlement actually and reasonably incurred by that person in connection with the action, suit, or proceeding if that person acted in good faith and in a manner that person reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe such conduct was unlawful.

Source: SL 1978, ch 338, § 6; SL 1994, ch 351, § 127.

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