<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-1A-1302 - Right to appraisal. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2068344Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2068344SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2068344CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2068344Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2068344DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2068344Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2068344Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2068344000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2068344SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2068344SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2068344Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1302"><span class="s2068344SENU">47-1A-1302</span></a><span xml:space="preserve" class="s2068344SENU">. </span><span class="s2068344CL">Right to appraisal.</span></p><p dir="ltr" class="s2068344Normal-000000"><span class="s2068344DefaultParagraphFont">A shareholder is entitled to appraisal rights, and to obtain payment of the fair value of that shareholder's shares, in the event of any of the following corporate actions:</span></p><p dir="ltr" class="s2068344Normal-000001"><span class="s2068344DefaultParagraphFont">(1)    Consummation of a merger to which the corporation is a party under either of the following circumstances:</span></p><p dir="ltr" class="s2068344Normal-000002"><span xml:space="preserve" class="s2068344DefaultParagraphFont">(a)    Shareholder approval is required for the merger by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1104"><span class="s2068344DefaultParagraphFont">47-1A-1104</span></a><span xml:space="preserve" class="s2068344DefaultParagraphFont"> and the shareholder is entitled to vote on the merger, except that appraisal rights are not available to any shareholder of the corporation with respect to shares of any class or series that remain outstanding after consummation of the merger; or</span></p><p dir="ltr" class="s2068344Normal-000002"><span xml:space="preserve" class="s2068344DefaultParagraphFont">(b)    The corporation is a subsidiary and the merger is governed by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1105"><span class="s2068344DefaultParagraphFont">47-1A-1105</span></a><span xml:space="preserve" class="s2068344DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1105.2"><span class="s2068344DefaultParagraphFont">47-1A-1105.2</span></a><span class="s2068344DefaultParagraphFont">, inclusive;</span></p><p dir="ltr" class="s2068344Normal-000001"><span class="s2068344DefaultParagraphFont">(2)    Consummation of a share exchange to which the corporation is a party as the corporation whose shares will be acquired if the shareholder is entitled to vote on the exchange, except that appraisal rights are not available to any shareholder of the corporation with respect to any class or series of shares of the corporation that is not exchanged;</span></p><p dir="ltr" class="s2068344Normal-000001"><span xml:space="preserve" class="s2068344DefaultParagraphFont">(3)    Consummation of a disposition of assets pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1202"><span class="s2068344DefaultParagraphFont">47-1A-1202</span></a><span xml:space="preserve" class="s2068344DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1202.6"><span class="s2068344DefaultParagraphFont">47-1A-1202.6</span></a><span class="s2068344DefaultParagraphFont">, inclusive, if the shareholder is entitled to vote on the disposition;</span></p><p dir="ltr" class="s2068344Normal-000001"><span class="s2068344DefaultParagraphFont">(4)    An amendment of the articles of incorporation with respect to a class or series of shares that reduces the number of shares of a class or series owned by the shareholder to a fraction of a share if the corporation has the obligation or right to repurchase the fractional share so created;</span></p><p dir="ltr" class="s2068344Normal-000001"><span class="s2068344DefaultParagraphFont">(5)    Any other amendment to the articles of incorporation, merger, share exchange, or disposition of assets to the extent provided by the articles of incorporation, bylaws, or a resolution of the board of directors;</span></p><p dir="ltr" class="s2068344Normal-000001"><span class="s2068344DefaultParagraphFont">(6)    Consummation of a domestication if the shareholder does not receive shares in the foreign corporation resulting from the domestication that have terms as favorable to the shareholder in all material respects, and represent at least the same percentage interest of the total voting rights of the outstanding shares of the corporation, as the shares held by the shareholder before the domestication; or</span></p><p dir="ltr" class="s2068344Normal-000001"><span xml:space="preserve" class="s2068344DefaultParagraphFont">(7)    Consummation of a conversion of the corporation to an unincorporated entity pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-950"><span class="s2068344DefaultParagraphFont">47-1A-950</span></a><span xml:space="preserve" class="s2068344DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-956"><span class="s2068344DefaultParagraphFont">47-1A-956</span></a><span class="s2068344DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2068344Normal"><span xml:space="preserve" class="s2068344000003"> </span></p><p dir="ltr" class="s2068344Normal"><span class="s2068344SCL">Source:</span><span xml:space="preserve" class="s2068344SCL-000004"> SL 2005, ch 239, § 281.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-1A-1302 - Right to appraisal. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2068345Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2068345SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2068345CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2068345Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2068345DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2068345Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2068345Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2068345Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 1.58in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2068345000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2068345SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2068345SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2068345Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1302.1"><span class="s2068345SENU">47-1A-1302.1</span></a><span xml:space="preserve" class="s2068345SENU">. </span><span class="s2068345CL">Limitations on availability of appraisal rights.</span></p><p dir="ltr" class="s2068345Normal-000000"><span xml:space="preserve" class="s2068345DefaultParagraphFont">Notwithstanding § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1302"><span class="s2068345DefaultParagraphFont">47-1A-1302</span></a><span class="s2068345DefaultParagraphFont">, the availability of appraisal rights under subdivisions 47-1A-1302(1), (2), (3), (4), (6), and (8) are limited in accordance with the following provisions:</span></p><p dir="ltr" class="s2068345Normal-000001"><span class="s2068345DefaultParagraphFont">(1)    Appraisal rights are not available for the holders of shares of any class or series of shares which is:</span></p><p dir="ltr" class="s2068345Normal-000002"><span class="s2068345DefaultParagraphFont">(a)    Listed on the New York Stock Exchange or the American Stock Exchange or designated as a national market system security on an interdealer quotation system by the National Association of Securities Dealers, Inc.; or</span></p><p dir="ltr" class="s2068345Normal-000002"><span class="s2068345DefaultParagraphFont">(b)    Not listed or designated as provided in subsection (a), but has at least two thousand shareholders and the outstanding shares of such class or series has a market value of at least twenty million dollars, exclusive of the value of such shares held by its subsidiaries, senior executives, directors, and beneficial shareholders owning more than ten percent of such shares;</span></p><p dir="ltr" class="s2068345Normal-000001"><span class="s2068345DefaultParagraphFont">(2)    The applicability of subdivision (1) shall be determined as of:</span></p><p dir="ltr" class="s2068345Normal-000002"><span class="s2068345DefaultParagraphFont">(a)    The record date fixed to determine the shareholders entitled to receive notice of, and to vote at, the meeting of shareholders to act upon the corporate action requiring appraisal rights; or</span></p><p dir="ltr" class="s2068345Normal-000002"><span class="s2068345DefaultParagraphFont">(b)    The day before the effective date of such corporate action if there is no meeting of shareholders;</span></p><p dir="ltr" class="s2068345Normal-000001"><span xml:space="preserve" class="s2068345DefaultParagraphFont">(3)    The provisions of subdivision (1) are not applicable and appraisal rights are available pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1302"><span class="s2068345DefaultParagraphFont">47-1A-1302</span></a><span xml:space="preserve" class="s2068345DefaultParagraphFont"> for the holders of any class or series of shares who are required by the terms of the corporate action requiring appraisal rights to accept for such shares anything other than cash or shares of any class or any series of shares of any corporation, or any other proprietary interest of any other entity, that satisfies the standards set forth in subdivision (1) at the time the corporate action becomes effective;</span></p><p dir="ltr" class="s2068345Normal-000001"><span xml:space="preserve" class="s2068345DefaultParagraphFont">(4)    The provisions of subdivision (1) are not applicable and appraisal rights are available pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1302"><span class="s2068345DefaultParagraphFont">47-1A-1302</span></a><span xml:space="preserve" class="s2068345DefaultParagraphFont"> for the holders of any class or series of shares in which:</span></p><p dir="ltr" class="s2068345Normal-000002"><span class="s2068345DefaultParagraphFont">(a)    Any of the shares or assets of the corporation are being acquired or converted, whether by merger, share exchange, or otherwise, pursuant to the corporate action by a person, or by an affiliate of a person, who:</span></p><p dir="ltr" class="s2068345Normal-000003"><span class="s2068345DefaultParagraphFont">(i)    Is, or at any time in the one-year period immediately preceding approval by the board of directors of the corporate action requiring appraisal rights was, the beneficial owner of twenty percent or more of the voting power of the corporation, excluding any shares acquired pursuant to an offer for all shares having voting power if such offer was made within one year prior to the corporate action requiring appraisal rights for consideration of the same kind and of a value equal to or less than that paid in connection with the corporate action; or</span></p><p dir="ltr" class="s2068345Normal-000003"><span class="s2068345DefaultParagraphFont">(ii)    Directly or indirectly has, or at any time in the one-year period immediately preceding approval by the board of directors of the corporation of the corporate action requiring appraisal rights had, the power, contractually or otherwise, to cause the appointment or election of twenty-five percent or more of the directors to the board of directors of the corporation; or</span></p><p dir="ltr" class="s2068345Normal-000003"><span xml:space="preserve" class="s2068345000004"> </span></p></div><div><p dir="ltr" class="s2068345Normal-000002"><span class="s2068345DefaultParagraphFont">(b)    Any of the shares or assets of the corporation are being acquired or converted, whether by merger, share exchange, or otherwise, pursuant to such corporate action by a person, or by an affiliate of a person, who is, or at any time in the one-year period immediately preceding approval by the board of directors of the corporate action requiring appraisal rights was, a senior executive or director of the corporation or a senior executive of any affiliate thereof, and that senior executive or director will receive, as a result of the corporate action, a financial benefit not generally available to other shareholders as such, other than:</span></p><p dir="ltr" class="s2068345Normal-000003"><span class="s2068345DefaultParagraphFont">(i)    Employment, consulting, retirement, or similar benefits established separately and not as part of or in contemplation of the corporate action; or</span></p><p dir="ltr" class="s2068345Normal-000003"><span xml:space="preserve" class="s2068345DefaultParagraphFont">(ii)    Employment, consulting, retirement, or similar benefits established in contemplation of, or as part of, the corporate action that are not more favorable than those existing before the corporate action or, if more favorable, that have been approved on behalf of the corporation in the same manner as is provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-862"><span class="s2068345DefaultParagraphFont">47-1A-862</span></a><span xml:space="preserve" class="s2068345DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-862.3"><span class="s2068345DefaultParagraphFont">47-1A-862.3</span></a><span class="s2068345DefaultParagraphFont">, inclusive; or</span></p><p dir="ltr" class="s2068345Normal-000003"><span class="s2068345DefaultParagraphFont">(iii)    In the case of a director of the corporation who will, in the corporate action, become a director of the acquiring entity in the corporate action or one of its affiliates, rights and benefits as a director that are provided on the same basis as those afforded by the acquiring entity generally to other directors of such entity or such affiliate;</span></p><p dir="ltr" class="s2068345Normal-000001"><span class="s2068345DefaultParagraphFont">(5)    For the purposes of subdivision (4), the term, beneficial owner, means any person who, directly or indirectly, through any contract, arrangement, or understanding, other than a revocable proxy, has or shares the power to vote, or to direct the voting of, shares. However, a member of a national securities exchange may not be deemed to be a beneficial owner of securities held directly or indirectly by it on behalf of another person solely because such member is the record holder of such securities if the member is precluded by the rules of such exchange from voting without instruction on contested matters or matters that may affect substantially the rights or privileges of the holders of the securities to be voted. When two or more persons agree to act together for the purpose of voting their shares of the corporation, each member of the group formed thereby shall be deemed to have acquired beneficial ownership, as of the date of such agreement, of all voting shares of the corporation beneficially owned by any member of the group.</span></p><p dir="ltr" class="s2068345Normal"><span xml:space="preserve" class="s2068345000004"> </span></p><p dir="ltr" class="s2068345Normal"><span class="s2068345SCL">Source:</span><span xml:space="preserve" class="s2068345SCL-000005"> SL 2005, ch 239, § 282.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-1A-1302 - Right to appraisal. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2068346Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2068346SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2068346CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2068346Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2068346DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2068346000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2068346SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2068346SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2068346Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1302.2"><span class="s2068346SENU">47-1A-1302.2</span></a><span xml:space="preserve" class="s2068346SENU">. </span><span class="s2068346CL">Limits on or elimination of appraisal rights for preferred shares by articles of incorporation--Application.</span></p><p dir="ltr" class="s2068346Normal-000000"><span xml:space="preserve" class="s2068346DefaultParagraphFont">Notwithstanding any other provision of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1302"><span class="s2068346DefaultParagraphFont">47-1A-1302</span></a><span xml:space="preserve" class="s2068346DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1302.3"><span class="s2068346DefaultParagraphFont">47-1A-1302.3</span></a><span class="s2068346DefaultParagraphFont">, inclusive, the articles of incorporation as originally filed or any amendment thereto may limit or eliminate appraisal rights for any class or series of preferred shares, but any such limitation or elimination contained in an amendment to the articles of incorporation that limits or eliminates appraisal rights for any of such shares that are outstanding immediately prior to the effective date of such amendment or that the corporation is or may be required to issue or sell thereafter pursuant to any conversion, exchange, or other right existing immediately before the effective date of such amendment does not apply to any corporate action that becomes effective within one year of that date if such action would otherwise afford appraisal rights.</span></p><p dir="ltr" class="s2068346Normal"><span xml:space="preserve" class="s2068346000001"> </span></p><p dir="ltr" class="s2068346Normal"><span class="s2068346SCL">Source:</span><span xml:space="preserve" class="s2068346SCL-000002"> SL 2005, ch 239, § 283.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-1A-1302 - Right to appraisal. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2068347Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2068347SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2068347CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2068347Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2068347DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2068347Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2068347000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2068347SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2068347SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2068347Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1302.3"><span class="s2068347SENU">47-1A-1302.3</span></a><span xml:space="preserve" class="s2068347SENU">. </span><span class="s2068347CL">Challenge of specified completed corporate actions--Limitation.</span></p><p dir="ltr" class="s2068347Normal-000000"><span xml:space="preserve" class="s2068347DefaultParagraphFont">No shareholder may challenge a completed corporate action described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1302"><span class="s2068347DefaultParagraphFont">47-1A-1302</span></a><span xml:space="preserve" class="s2068347DefaultParagraphFont">, other than those subscribed in subdivisions </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1302.1"><span class="s2068347DefaultParagraphFont">47-1A-1302.1</span></a><span class="s2068347DefaultParagraphFont">(3) and (4), unless such corporate action:</span></p><p dir="ltr" class="s2068347Normal-000001"><span xml:space="preserve" class="s2068347DefaultParagraphFont">(1)    Was not effectuated in accordance with the applicable provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-901"><span class="s2068347DefaultParagraphFont">47-1A-901</span></a><span xml:space="preserve" class="s2068347DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-1A-1202.6"><span class="s2068347DefaultParagraphFont">47-1A-1202.6</span></a><span class="s2068347DefaultParagraphFont">, inclusive, or the corporation's articles of incorporation, bylaws or board of directors' resolution authorizing the corporate action; or</span></p><p dir="ltr" class="s2068347Normal-000001"><span class="s2068347DefaultParagraphFont">(2)    Was procured as a result of fraud or material misrepresentation.</span></p><p dir="ltr" class="s2068347Normal"><span xml:space="preserve" class="s2068347000002"> </span></p><p dir="ltr" class="s2068347Normal"><span class="s2068347SCL">Source:</span><span xml:space="preserve" class="s2068347SCL-000003"> SL 2005, ch 239, § 284.</span></p></div></body></html>