Section 47-1A-744.1 - Groups authorized to make determination that maintenance of proceedingnot in best interest of corporation. - South-dakota Statutes

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47-1A-744.1. Groups authorized to make determination that maintenance of proceeding not in best interest of corporation. Unless a panel is appointed pursuant to § 47-1A-744.5, the determination in § 47-1A-744 shall be made by:
(1) A majority vote of independent directors present at a meeting of the board of directors if the independent directors constitute a quorum; or
(2) A majority vote of a committee consisting of two or more independent directors appointed by majority vote of independent directors present at a meeting of the board of directors, whether or not such independent directors constituted a quorum.

Source: SL 2005, ch 239, § 128.

State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-01a > Statute-47-1a-744-1

47-1A-744.1. Groups authorized to make determination that maintenance of proceeding not in best interest of corporation. Unless a panel is appointed pursuant to § 47-1A-744.5, the determination in § 47-1A-744 shall be made by:
(1) A majority vote of independent directors present at a meeting of the board of directors if the independent directors constitute a quorum; or
(2) A majority vote of a committee consisting of two or more independent directors appointed by majority vote of independent directors present at a meeting of the board of directors, whether or not such independent directors constituted a quorum.

Source: SL 2005, ch 239, § 128.

State Codes and Statutes

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State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-01a > Statute-47-1a-744-1

47-1A-744.1. Groups authorized to make determination that maintenance of proceeding not in best interest of corporation. Unless a panel is appointed pursuant to § 47-1A-744.5, the determination in § 47-1A-744 shall be made by:
(1) A majority vote of independent directors present at a meeting of the board of directors if the independent directors constitute a quorum; or
(2) A majority vote of a committee consisting of two or more independent directors appointed by majority vote of independent directors present at a meeting of the board of directors, whether or not such independent directors constituted a quorum.

Source: SL 2005, ch 239, § 128.