SDCL § 47-1A-732.4: Liability of directors limited to extent discretion or powers limited by agreement.

An agreement authorized by § 47-1A-732 that limits the discretion or powers of the board of directors shall relieve the directors of, and impose upon the person or persons in whom such discretion or powers are vested, liability for acts or omissions imposed by law on directors to the extent that the discretion or powers of the directors are limited by the agreement.