<html> <head> <title>Rule 20:06:11:04 Exceptions.</title> <META NAME="Keywords" Content="Administrative Rules 20:06:11:04"> <META NAME="Description" Content="Administrative Rules 20:06:11:04 Exceptions."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>20:06:11:04.&nbsp;&nbsp;Exceptions.</b> Section 20:06:11:01 shall not apply if the number of directors who would be in violation of SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-5-61">58-5-61</A>, were it not for the exemptions provided by §&nbsp;20:06:11:01, exceeds two-fifths of the total elected membership of the board of directors.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 1 SDR 53, effective January 27, 1975; 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-4-1">58-4-1</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-5-65">58-5-65.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-5-61">58-5-61.</A></p> </div> </body> </html>