(1) Except as provided in subsection (2) of this section, the validity of an institutionís action may not be challenged on the grounds that the institution lacks or lacked power to act.
(2) An institutionís power to act may be challenged:
(a) In a proceeding by a stockholder against the institution to enjoin the act;
(b) In a proceeding by the institution, directly, derivatively or through a receiver, trustee or other legal representative, against an incumbent or former director, officer, employee or agent of the institution; or
(c) By the Director of the Department of Consumer and Business Services.
(3) In a stockholderís proceeding under subsection (2)(a) of this section to enjoin an unauthorized act, the court may enjoin or set aside the act if equitable and if all affected persons are parties to the proceeding, and may award damages for loss other than anticipated profits suffered by the institution or another party because of enjoining the unauthorized act. [1997 c.631 §137]Section: Previous 708A.170 708A.175 708A.180 708A.185 708A.190 708A.195 708A.200 708A.210 708A.250 708A.255 708A.260 708A.265 708A.270 708A.275 708A.290 Next
Last modified: August 7, 2008