South Dakota Codified Laws 3-23-2. Circumstances under which state authority, board, or commission member derives direct benefit
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An elected or appointed member of a state authority, board, or commission derives a direct benefit from a contract if the member, the member’s spouse, or any other person with whom the member lives or commingles assets:
(1) Is a party to or intended beneficiary of the contract;
Terms Used In South Dakota Codified Laws 3-23-2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(2) Has more than a five percent ownership interest in an entity that is a party to the contract;
(3) Acquires property under the contract; or
(4) Will receive from the contracting party compensation, commission, promotion, or other monetary benefit that is directly attributable to the contract.
Source: SL 2016, ch 33, § 2; SL 2017, ch 31, § 3.