Section 293-A:8.09 Removal of Directors by Judicial Proceeding.
(a) The superior court of the county where a corporation's principal office, or, if none in this state, its registered office, is located may remove a director of the corporation from office in a proceeding commenced either by the corporation or by its shareholders subject to the provisions of RSA 293-A:7.40 through RSA 293-A:7.47, holding at least 10 percent of the outstanding shares of any class if the court finds that:
(1) The director engaged in fraudulent or illegal conduct with respect to the corporation; and
(2) Removal is in the best interest of the corporation.
(b) The court that removes a director may bar the director from reelection for a period prescribed by the court.
(c) If shareholders commence a proceeding under subsection (a), they shall make the corporation a party defendant.
Source. 1992, 255:1, eff. Jan. 1, 1993.