South Dakota § 47-1A-741 Standing.

South Dakota Statutes

§ 47-1A-741 — Standing.

South Dakota·Title 47 CORPORATIONS·Ch. 47-1 SOUTH DAKOTA BUSINESS CORPORATION ACT

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.

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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.

South Dakota § 47-1A-741 (Standing.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.