South Dakota Codified Laws 5-18A-17.1. Direct benefit from contract
A state officer or employee derives a direct benefit from a contract if the state officer or employee, the officer’s or employee’s spouse, or other persons with whom the state officer or employee lives and commingles assets:
(1) Has more than a five percent ownership or other interest in an entity that is a party to the contract;
Terms Used In South Dakota Codified Laws 5-18A-17.1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(2) Derives income, compensation, or commission directly from the contract or from the entity that is a party to the contract;
(3) Acquires property under the contract; or
(4) Serves on the board of directors of a for-profit entity that derives income or commission directly from the contract or acquires property under the contract.
A state officer or employee does not derive a direct benefit from a contract based solely on the value associated with the officer’s or employee’s investments or holdings, or the investments or holdings of other persons with whom the state officer or employee lives and commingles assets.
Source: SL 2015, ch 30, § 3.