N.D. Cent. Code § 10-19.1-41.1
This is the official text of N.D. Cent. Code § 10-19.1-41.1, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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10-19.1-41.1. Removal of directors by judicial proceeding
Official statutory text
10-19.1-41.1. Removal of directors by judicial proceeding
1. The district court of the county where the principal executive office of a corporation is
located may remove any director of the corporation from office in a proceeding
commenced either by the corporation or its shareholders holding at least ten percent
of the voting power of any class of shares, if the court finds:
a. The director engaged in fraudulent or dishonest conduct or gross abuse of
authority or discretion, with respect to the corporation;
b. A final judgment has been entered finding that the director has violated section
10-19.1-50; and
c. Removal is in the best interest of the corporation.
2. The court that removes a director may bar the director from serving on the board for a
period prescribed by the court.
3. If the shareholders commence a proceeding under subdivision a of subsection 1, then
the corporation shall be made a party defendant.
1. The district court of the county where the principal executive office of a corporation is
located may remove any director of the corporation from office in a proceeding
commenced either by the corporation or its shareholders holding at least ten percent
of the voting power of any class of shares, if the court finds:
a. The director engaged in fraudulent or dishonest conduct or gross abuse of
authority or discretion, with respect to the corporation;
b. A final judgment has been entered finding that the director has violated section
10-19.1-50; and
c. Removal is in the best interest of the corporation.
2. The court that removes a director may bar the director from serving on the board for a
period prescribed by the court.
3. If the shareholders commence a proceeding under subdivision a of subsection 1, then
the corporation shall be made a party defendant.
Status: in_force · Read it on the official government site
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