South Dakota § 47-22-71 Circumstances under which ultra vires may be asserted--Actions by corporation against officers or directors.

South Dakota Statutes

§ 47-22-71 — Circumstances under which ultra vires may be asserted--Actions by corporation against officers or directors.

South Dakota·Title 47 CORPORATIONS·Ch. 47-22 NONPROFIT CORPORATIONS--FORMATION AND GENERAL POWERS

Notwithstanding § 47-22-69 , the fact that a corporation was without capacity or power to do an act or to make or receive a conveyance or transfer of real or personal property may be asserted in a proceeding by the corporation, whether acting directly or through a receiver, trustee, or other legal representative, or through members in a representative suit, against the officers or directors of the corporation for exceeding their authority.

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Notwithstanding § 47-22-69 , the fact that a corporation was without capacity or power to do an act or to make or receive a conveyance or transfer of real or personal property may be asserted in a proceeding by the corporation, whether acting directly or through a receiver, trustee, or other legal representative, or through members in a representative suit, against the officers or directors of the corporation for exceeding their authority.

South Dakota § 47-22-71 (Circumstances under which ultra vires may be asserted--Actions by corporation against officers or directors.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.