(a) The circuit court of the county where a corporation's principal office is located may remove any director of the corporation from office in a proceeding commenced either by the corporation or its members holding at least ten percent (10%) of the voting power of any class, if the court finds that (1) the director engaged in fraudulent or dishonest conduct, or gross abuse of authority or discretion, with respect to the corporation, or a final judgment has been entered finding that the director has violated a duty set forth in ยงยง 4-33-830 -- 4-33-833, and (2) removal is in the best interest of the corporation.
(b) The court that removes a director may bar the director from serving on the board for a period prescribed by the court.
(c) The articles or bylaws of a religious corporation may limit or prohibit the application of this section.
Section: Previous 4-33-802 4-33-803 4-33-804 4-33-805 4-33-806 4-33-807 4-33-808 4-33-809 4-33-810 4-33-811 4-33-812 NextLast modified: November 15, 2016