Section 47-1A-862 - Directors' action respecting transaction--Effectiveness.
47-1A-862. Directors' action respecting transaction--Effectiveness. Directors' action respecting a transaction is effective for purposes of subdivision 47-1A-861.1(1) if the transaction received the affirmative vote of a majority, but no fewer than two, of those qualified directors on the board of directors or on a duly empowered committee of the board who voted on the transaction after either required disclosure to them, to the extent the information was not known by them, or compliance with § 47-1A-861.1. However, action by a committee is so effective only if:
(1) All its members are qualified directors; and
(2) Its members are either all the qualified directors on the board or are appointed by the affirmative vote of a majority of the qualified directors on the board.
Source: SL 2005, ch 239, § 186.