South Dakota § 47-34A-1106 Proceeds and expenses.

South Dakota Statutes

§ 47-34A-1106 — Proceeds and expenses.

South Dakota·Title 47 CORPORATIONS·Ch. 47-34 UNIFORM LIMITED LIABILITY COMPANY ACT

(a)Except as otherwise provided in subsection (b):

(1)Any proceeds or other benefits of a derivative action under § 47-34A-1102 , whether by judgment, compromise, or settlement, belong to the limited liability company and not to the plaintiff; and (2) If the plaintiff receives any proceeds, the plaintiff shall immediately remit the proceeds to the company.

(b)If a derivative action under § 47-34A-1102 is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney's fees and costs, from the recovery of the limited liability company.

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(a) Except as otherwise provided in subsection (b): (1) Any proceeds or other benefits of a derivative action under § 47-34A-1102 , whether by judgment, compromise, or settlement, belong to the limited liability company and not to the plaintiff; and (2) If the plaintiff receives any proceeds, the plaintiff shall immediately remit the proceeds to the company. (b) If a derivative action under § 47-34A-1102 is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney's fees and costs, from the recovery of the limited liability company.

South Dakota § 47-34A-1106 (Proceeds and expenses.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.