South Dakota Codified Laws 47-30-11. Director deemed to possess knowledge
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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.
Terms Used In South Dakota Codified Laws 47-30-11
- 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.
- director: as used in this chapter , embraces any of the persons having by law the direction or management of the affairs of a corporation, by whatever name such persons are described in its charter, or known by law. See South Dakota Codified Laws 47-30-13
Source: SDC 1939, § 13.4316.