Directors shall cause the dissolved corporation to discharge or make reasonable provision for the payment of claims and make distributions of assets to shareholders after payment or provision for claims. Directors of a dissolved corporation which has disposed of claims under §§ 47-1A-1406 to 47-1A-1406.2 , inclusive, 47-1A-1407 to 47-1A-1407.2 , inclusive, or 47-1A-1408 and 47-1A-1408.1 , are not liable for breach of this section with respect to claims against the dissolved corporation that are barred or satisfied under §§ 47-1A-1406 to 47-1A-1406.2 , inclusive, 47-1A-1407 to 47-1A-1407.2 , inclusive, or 47-1A-1408 and 47-1A-1408.1 .
‹ Prev All South Dakota sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.