S.D. Codified Laws § 47-17-7

Current through the 2024 Legislative Session

Section 47-17-7 - Liability of directors for improper distribution of assets

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.

SDCL 47-17-7

SDC 1939, § 11.1129 as enacted by SL 1965, ch 23, § 1.