47-1A-744.2. Factors not pertinent to determining independence of directors.
99 words·~1 min read·
/sd/title-47/chapter-47-1/47-1a-744-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
None of the following is, by itself, cause for a director to be considered not independent for purposes of §§ 47-1A-744 to 47-1A-744.5 , inclusive:
(1)The nomination or election of the director by persons who are defendants in the derivative proceeding or against whom action is demanded;
(2)The naming of the director as a defendant in the derivative proceeding or as a person against whom action is demanded; or
(3)The approval by the director of the act being challenged in the derivative proceeding or demand if the act resulted in no personal benefit to the director.