(1) Unless the articles provide otherwise, the board of directors of a corporation may adopt, amend or repeal bylaws to be effective only in an emergency as defined in subsection (4) of this section. The emergency bylaws, which are subject to amendment or repeal by the members, may provide special procedures necessary for managing the corporation during the emergency, including:
(a) Procedures for calling a meeting of the board of directors;
(b) Quorum requirements for the meeting; and
(c) Designation of additional or substitute directors.
(2) All provisions of the regular bylaws consistent with the emergency bylaws remain effective during the emergency. The emergency bylaws are not effective after the emergency ends.
(3) Corporate action taken in good faith in accordance with the emergency bylaws binds the corporation. A corporate director, officer, employee or agent shall not be liable for deviation from normal procedures if the conduct was authorized by emergency bylaws adopted as provided in this section.
(4) An emergency exists for purposes of this section if a quorum of the corporationís directors cannot readily be assembled because of some present or imminent catastrophic event. [1989 c.1010 §26]Section: Previous 65.042 65.044 65.047 65.051 65.054 65.057 65.061 65.064 65.067 65.074 65.077 65.081 65.084 65.094 65.097 Next
Last modified: August 7, 2008