Section 47-1A-732.3 - Limitations on effectiveness of agreement--Amendment to articles ofincorporation or bylaws. - South Dakota Statutes

47-1A-732.3. Limitations on effectiveness of agreement--Amendment to articles of incorporation or bylaws. An agreement authorized by § 47-1A-732 shall cease to be effective when shares of the corporation are listed on a national securities exchange or regularly traded in a market maintained by one or more members of a national or affiliated securities association. If the agreement ceases to be effective for any reason, the board of directors may, if the agreement is contained or referred to in the corporation's articles of incorporation or bylaws, adopt an amendment to the articles of incorporation or bylaws, without shareholder action, to delete the agreement and any references to it.

Source: SL 2005, ch 239, § 119.