Section 47-22-65.6 - Powers of corporation--Purchase and maintenance of liability insurance. - South Dakota Statutes

47-22-65.6. Powers of corporation--Purchase and maintenance of liability insurance. Any nonprofit corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee, or agent of another corporation, limited liability company, partnership, joint venture, trust, or other enterprise against any liability asserted against that person and incurred by that person in such capacity, or arising out of such status, whether or not the corporation would have the power to indemnify that person against such liability under the provisions of §§ 47-22-65.1 to 47-22-65.8, inclusive.

Source: SL 1986, ch 388, § 7; SL 1994, ch 351, § 125.