47-30-11. Director deemed to possess knowledge.
Every director of a corporation is deemed to possess such a knowledge of the affairs of his corporation as to enable him to determine whether any act, proceeding, or omission of its directors, is a violation of this chapter.
Source: SDC 1939, ยง13.4316.
Structure South Dakota Codified Laws
Chapter 30 - Corporate Frauds And Mismanagement
Section 47-30-1 - Fraudulent subscription agreement--Misdemeanor.
Section 47-30-3 - Fraudulent prospectus or report--Felony.
Section 47-30-4 - Receipt of corporate property without proper accounting entry as theft.
Section 47-30-5 - Fraudulent corporate insolvency--Participating directors--Misdemeanor.
Section 47-30-6 - Fraudulent mutilation or falsification of corporate books as felony.
Section 47-30-7 - Refusal to permit stockholder access to books--Misdemeanor.
Section 47-30-8 - Unauthorized use of another's name in corporate publications--Misdemeanor.
Section 47-30-9 - Participation in false report or refusing to make report as misdemeanor.
Section 47-30-10 - Director's liability for failure to perform duties--Misdemeanor.
Section 47-30-11 - Director deemed to possess knowledge.
Section 47-30-12 - Presence of director at meeting as concurrence--Written dissent--Procedure.