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 one, 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 effective only if: (1) At least one of its members is a qualified director; 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; SL 2019, ch 196 , § 1.