A director of a cooperative 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 cooperative represented to him to be correct by the president or the officer of the cooperative 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 cooperative, 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.

Terms Used In South Dakota Codified Laws 47-17-7.1

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2

Source: SL 1978, ch 338, § 3.

  Previous section
Next section  
 Chapter 17 Contents