S.D. Codified Laws § 47-1A-741

Current through the 2024 Legislative Session

Section 47-1A-741 - Standing

No shareholder may commence or maintain a derivative proceeding unless the shareholder:

(1) Was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time; and

(2) Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.

SDCL 47-1A-741

SL 2005, ch 239, §124.