47-1A-1302.3. Challenge of specified completed corporate actions--Limitation.
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/sd/title-47/chapter-47-1/47-1a-1302-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No shareholder may challenge a completed corporate action described in § 47-1A-1302 , other than those subscribed in subdivisions 47-1A-1302.1
(3)and (4), unless such corporate action:
(1)Was not effectuated in accordance with the applicable provisions of §§ 47-1A-901 to 47-1A-1202.6 , inclusive, or the corporation's articles of incorporation, bylaws or board of directors' resolution authorizing the corporate action; or
(2)Was procured as a result of fraud or material misrepresentation.