South Dakota § 47-17-7 - Liability of directors for improper distribution of assets.
Full text of South Dakota South Dakota Codified Laws § 47-17-7 — Liability of directors for improper distribution of assets., with citation guidance and answers to common questions.
§ 47-17-7. Liability of directors for improper distribution of assets.
Directors of cooperatives who negligently or in bad faith vote for any distribution of assets contrary to chapters 47-15 to 47-20, inclusive, or the articles are jointly and severally liable to the cooperative for the value of assets distributed in excess of the amount which could have been distributed without violating said chapters or the articles.
Source: SDC 1939, § 11.1129 as enacted by SL 1965, ch 23, § 1.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 47-17-7
What does South Dakota Codified Laws § 47-17-7 cover?
Section 47-17-7 ("Liability of directors for improper distribution of assets.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 47-17-7?
A common citation format is "South Dakota Codified Laws § 47-17-7" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 47-17-7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.