N.D. Cent. Code § 10-35-25
This is the official text of N.D. Cent. Code § 10-35-25, 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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10-35-25. Optional restrictions or prohibitions on poison pills
Official statutory text
10-35-25. Optional restrictions or prohibitions on poison pills
1. A provision of the articles or bylaws of a publicly traded corporation may restrict or
prohibit the corporation from adopting, creating, or issuing a poison pill. Such a
provision may provide for the effect it has on a poison pill in force at the time of the
provision's adoption.
2. A provision of the articles or bylaws adopted pursuant to subsection 1 at a time when a
publicly traded corporation has a poison pill in effect must be adopted by the
affirmative vote of a majority of the outstanding shares entitled to vote on adoption of
the provision. In every other instance, a provision of the articles or bylaws adopted
pursuant to subsection 1 must be adopted by the affirmative vote of a majority of the
votes cast by holders of shares entitled to vote on adoption of the provision.
1. A provision of the articles or bylaws of a publicly traded corporation may restrict or
prohibit the corporation from adopting, creating, or issuing a poison pill. Such a
provision may provide for the effect it has on a poison pill in force at the time of the
provision's adoption.
2. A provision of the articles or bylaws adopted pursuant to subsection 1 at a time when a
publicly traded corporation has a poison pill in effect must be adopted by the
affirmative vote of a majority of the outstanding shares entitled to vote on adoption of
the provision. In every other instance, a provision of the articles or bylaws adopted
pursuant to subsection 1 must be adopted by the affirmative vote of a majority of the
votes cast by holders of shares entitled to vote on adoption of the provision.
Status: in_force · Read it on the official government site
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