Challenge of specified completed corporate actions--Limitation

No shareholder may challenge a completed corporate action described in § 47-1A-1302 , other than those subscribed in subdivisions 47-1A-1302.1 (3) and (4), unless such corporate action: (1) Was not effectuated in accordance with the applicable provisions of §§ 47-1A-901 to 47-1A-1202.6 , inclusive, or the corporation's articles of incorporation, bylaws or board of directors' resolution authorizing the corporate action; or (2) Was procured as a result of fraud or material misrepresentation. Source: SL 2005, ch 239 , § 284.