Section 20:06:11:01 shall not apply if the number of directors who would be in violation of SDCL 58-5-61, were it not for the exemptions provided by § 20:06:11:01, exceeds two-fifths of the total elected membership of the board of directors.

Source: 1 SDR 53, effective January 27, 1975; 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986.

General Authority: SDCL 58-4-1 , 58-5-65.

Law Implemented: SDCL 58-5-61.