South Dakota § 58-5-81 Quorum of directors during national emergency--Filling vacancies in board.

South Dakota Statutes

§ 58-5-81 — Quorum of directors during national emergency--Filling vacancies in board.

South Dakota § 58-5-81

Title 58INSURANCE

Ch. 58-4AORGANIZATION AND GENERAL POWERS OF INSURERS

This text of South Dakota § 58-5-81 (Quorum of directors during national emergency--Filling vacancies in board.) 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 § 58-5-81 (2026).

Text

In the event that the board of directors of a domestic insurer has not adopted emergency bylaws, the following provisions shall become effective upon the occurrence of such a national emergency:

(1)Three directors shall constitute a quorum for the transaction of business at all meetings of the board; and (2) Any vacancy in the board may be filled by a majority of the remaining directors, though less than a quorum, or by a sole remaining director.

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In the event that the board of directors of a domestic insurer has not adopted emergency bylaws, the following provisions shall become effective upon the occurrence of such a national emergency: (1) Three directors shall constitute a quorum for the transaction of business at all meetings of the board; and (2) Any vacancy in the board may be filled by a majority of the remaining directors, though less than a quorum, or by a sole remaining director.