FOR AN ACT ENTITLED, An Act to prohibit certain corporate contributions to political causes or candidates without shareholder approval.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
    Section 1. No South Dakota business corporation, chartered pursuant to the provisions of chapter 47-1A, may contribute money, credit, labor, equipment, merchandise, or any other corporate asset of value to any political cause or candidate unless such contribution is specifically authorized by majority vote of the stockholders.
    Section 2. Any chief executive officer, president, treasurer, member of the board of directors, or other responsible officer who makes, authorizes, or pays out any corporate asset of value in violation of section 1 of this Act is jointly and severally liable to the corporation and the stockholders for the entire value of the assets contributed.

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180 copies of this document were printed by the South Dakota Legislative Research Council at a cost of $.052 per page.

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Insertions into existing statutes are indicated by underscores. Deletions from existing statutes are indicated by overstrikes.

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