FOR AN ACT ENTITLED, An Act to  allow for reasonable attorney's fees in stockholder litigation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
     Section  1.  That § 47-7-34 be amended to read as follows:
     47-7-34.   The circuit court shall have full power to liquidate the assets and business of a corporation and grant or deny reasonable attorney's fees, whether or not the corporation is liquidated, in an action by a shareholder when it is established:

             (1)      That the directors are deadlocked in the management of the corporate affairs and the shareholders are unable to break the deadlock, and that irreparable injury to the corporation is being suffered or is threatened by reason thereof; or

             (2)      That the acts of the directors or those in control of the corporation are illegal, oppressive , or fraudulent; or

             (3)      That the shareholders are deadlocked in voting power, and have failed, for a period which included at least two consecutive annual meeting dates, to elect successors to

directors whose terms have expired or would have expired upon the election of their successors; or

             (4)      That the corporate assets are being misapplied or wasted.