47-24-3.1. Directors not liable for distribution in good faith reliance on financial statements or accountant's report.
A director of a nonprofit corporation shall not be liable for any unauthorized dividend or distribution of assets if he relied and acted in good faith upon financial statements of the corporation represented to him to be correct by the president or the officer of the corporation having charge of his books of account, or stated in a written report by a certified public accountant failing to reflect the financial condition of the corporation, nor shall he be so liable if in good faith in determining the amount available for any such dividend or distribution he considered the assets to be of their book value.
Source: SL 1978, ch 338, ยง5.
Structure South Dakota Codified Laws
Chapter 24 - Nonprofit Corporations--Records, Fiscal Affairs And Reports
Section 47-24-1 - Books, records, minutes, and member lists.
Section 47-24-2 - Inspection of books or records.
Section 47-24-3 - Shares of stock prohibited--Dividends and profits prohibited.
Section 47-24-5 - Loans to directors or officers--Liability for assenting to loan.
Section 47-24-6 - Report required of domestic corporation.
Section 47-24-13.1 - Administrative dissolution.
Section 47-24-14.1 - Denial of reinstatement--Appeal--Court action.
Section 47-24-15 - Change of name required on reinstatement.
Section 47-24-16 - Conforming petition for reinstatement filed--Certificate.
Section 47-24-18 - Definitions.
Section 47-24-19 - Protection--Nonprofit corporations--Charitable trusts.
Section 47-24-20 - Exceptions.
Section 47-24-21 - Personal affiliation information--Definitions.
Section 47-24-23 - Personal affiliation information--Privacy violation--Civil action.
Section 47-24-24 - Personal affiliation information--Exemptions.
Section 47-24-25 - Personal affiliation information--Public benefit.
Section 47-24-26 - Personal affiliation information--Fraud investigation.