47-1A-862. Directors' action respecting transaction--Effectiveness.
123 words·~1 min read·
/sd/title-47/chapter-47-1/47-1a-862A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Directors' action respecting a transaction is effective for purposes of subdivision 47-1A-861.1
(1)if the transaction received the affirmative vote of a majority, but no fewer than one, of those qualified directors on the board of directors or on a duly empowered committee of the board who voted on the transaction after either required disclosure to them, to the extent the information was not known by them, or compliance with § 47-1A-861.1 . However, action by a committee is effective only if:
(1)At least one of its members is a qualified director; and
(2)Its members are either all the qualified directors on the board or are appointed by the affirmative vote of a majority of the qualified directors on the board.