Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/10A-2-8.61.htm |
---|---|
Depth: | 0 singles |
Size: | 1,935 bytes |
Modified: | 2019-06-27 11:54:04 |
Categories: | -None- |
Title: | 10A-2-8.61 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 10A-2-8.61 Judicial action. REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) A transaction effected or proposed to be effected by a corporation, or by a subsidiary of the corporation or any other entity in which the corporation has a controlling interest, that is not a director's conflicting interest transaction may not be enjoined, set aside, or give rise to an award of damages or other sanctions, in a proceeding by a shareholder or by or in the right of the corporation, because a director of the corporation, or any person with whom or which he or she has a personal, economic, or other association, has an interest in the transaction. (b) A director's conflicting interest transaction may not be enjoined, set aside, or give rise to an award of damages or other sanctions, in a proceeding by a shareholder or by or in the right of the corporation, because the director, or any person with whom or which he or she has a personal, economic, or other association, has an interest in the transaction, if: (1) Director's action respecting the transaction was at any time taken in compliance with Section 10A-2-8.62; or (2) Shareholders' action respecting the transaction was at any time taken in compliance with Section 10A-2-8.63; or (3) The transaction, judged according to the circumstances at the time of commitment, is established to have been fair to the corporation. (Acts 1994, No. 94-245, p. 343, §1; §10-2B-8.61; amended and renumbered by Act 2009-513, p. 967, §126.) |