South Dakota Statutes
§ 47-17-7 — Liability of directors for improper distribution of assets.
South Dakota § 47-17-7
JurisdictionSouth Dakota
Title 47CORPORATIONS
Ch. 47-14BCOOPERATIVES--DIRECTORS, OFFICERS AND EMPLOYEES
This text of South Dakota § 47-17-7 (Liability of directors for improper distribution of assets.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
S.D. Codified Laws § 47-17-7 (2026).
Text
Directors of cooperatives who negligently or in bad faith vote for any distribution of assets contrary to chapters 47-15 to 47-20 , inclusive, or the articles are jointly and severally liable to the cooperative for the value of assets distributed in excess of the amount which could have been distributed without violating said chapters or the articles.
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Legislative History
SDC 1939, § 11.1129 as enacted by SL 1965, ch 23, § 1.
Nearby Sections
15
§ 47-1-1
Repealed§ 47-1-3
Repealed§ 47-10-1
Purposes of corporations.§ 47-10-10
Incorporators.§ 47-10-11
Directors--Number and term of office.§ 47-10-13
Accumulation of surplus--Use of surplus.§ 47-10-14
Persons authorized to hold common stock.§ 47-10-18
Nonstockholder members--Duty to lend.§ 47-10-2
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Bluebook (online)
South Dakota § 47-17-7, Counsel Stack Legal Research, https://law.counselstack.com/statute/sd/47-17-7.