Directors' liability for unlawful distributions

SDCL § 47-1A-833 — under SOUTH DAKOTA BUSINESS CORPORATION ACT.

SDCL § 47-1A-833

A director who votes for or assents to a distribution in excess of what may be authorized and made pursuant to § 47-1A-640 or 47-1A-1409 is personally liable to the corporation for the amount of the distribution that exceeds what could have been distributed without violating § 47-1A-640 or 47-1A-1409 if the party asserting liability establishes that when taking the action the director did not comply with §§ 47-1A-830 and