24.03.1031 - Judicial removal of directors.

Judicial removal of directors.

(1) 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 by the corporation if the court finds that (a) the director engaged in fraudulent or dishonest conduct with respect to the corporation, and (b) removal is in the best interest of the corporation.

     (2) The court that removes a director may bar the director from reelection for a period prescribed by the court.

[1999 c 32 § 1.]