47-1A-744.1. Groups authorized to make determination that maintenance of proceeding not in best interest of corporation.
82 words·~1 min read·
/sd/title-47/chapter-47-1/47-1a-744-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Unless a panel is appointed pursuant to § 47-1A-744.5 , the determination in § 47-1A-744 shall be made by:
(1)A majority vote of independent directors present at a meeting of the board of directors if the independent directors constitute a quorum; or
(2)A majority vote of a committee consisting of two or more independent directors appointed by majority vote of independent directors present at a meeting of the board of directors, whether or not such independent directors constituted a quorum.