Section 47-13B-7 - Qualifications of directors and officers--Restrictions on powers of lay directors andofficers. - South Dakota Statutes

47-13B-7. Qualifications of directors and officers--Restrictions on powers of lay directors and officers. The principal executive officer shall be a shareholder and a director and, to the extent possible, all other directors and principal officers shall be shareholders, and lay directors and officers shall not exercise any authority whatsoever over professional matters.

Source: SL 1971, ch 260, § 1 (6).