Section 47-15-37 - Powers of cooperatives--Indemnification of agents. - South Dakota Statutes

47-15-37. Powers of cooperatives--Indemnification of agents. Unless otherwise provided by its articles, a cooperative may indemnify any present or former director, officer, or agent against actual expenses necessarily incurred in defense of any proceeding in which he is a party because he is or was such director, officer, or agent. This section does not apply to those proceedings in which he is adjudged liable for negligence or misconduct in the performance of duty. Such indemnification shall not be exclusive of other rights to which he may be entitled.

Source: SDC 1939, § 11.1103 (11) as enacted by SL 1965, ch 23, § 1.