South Dakota Codified Laws 47-1A-842. Standards of conduct for officers
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An officer, when performing in such capacity, shall act:
(1) In good faith;
Terms Used In South Dakota Codified Laws 47-1A-842
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes an individual and an entity. See South Dakota Codified Laws 47-1A-140
(2) With the care that a person in a like position would reasonably exercise under similar circumstances; and
(3) In a manner the officer reasonably believes to be in the best interests of the corporation.
Source: SL 2005, ch 239, § 166.