South Dakota § 47-17-22 Circumstances under which directors, officers, agents, and employees may not be indemnified.

South Dakota Statutes

§ 47-17-22 — Circumstances under which directors, officers, agents, and employees may not be indemnified.

South Dakota·Title 47 CORPORATIONS·Ch. 47-14B COOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES

Unless otherwise ordered by a court, a cooperative may not indemnify a director, officer, agent, or employee:

(1)In connection with a proceeding by or in the right of the cooperative, except for reasonable expenses incurred in connection with the proceeding if it is determined that the director, officer, agent, or employee has met the relevant standard of conduct pursuant to § 47-17-21 ; or (2) In connection with any proceeding with respect to conduct for which the director, officer, agent, or employee was adjudged liable on the basis that the director, officer, agent, or employee received a financial benefit to which the director, officer, agent, or employee was not entitled, whether or not involving action in the official capacity of the director, officer, agent, or employee.

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Unless otherwise ordered by a court, a cooperative may not indemnify a director, officer, agent, or employee: (1) In connection with a proceeding by or in the right of the cooperative, except for reasonable expenses incurred in connection with the proceeding if it is determined that the director, officer, agent, or employee has met the relevant standard of conduct pursuant to § 47-17-21 ; or (2) In connection with any proceeding with respect to conduct for which the director, officer, agent, or employee was adjudged liable on the basis that the director, officer, agent, or employee received a financial benefit to which the director, officer, agent, or employee was not entitled, whether or not involving action in the official capacity of the director, officer, agent, or employee.

South Dakota § 47-17-22 (Circumstances under which directors, officers, agents, and employees may not be indemnified.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.