N.D. Cent. Code § 10-35-11

Current through 2023 Legislative Sessions

Section 10-35-11 - Supermajority provisions prohibited

Neither the articles nor the bylaws of a publicly traded corporation may provide a quorum or voting requirement:

1. For the board or a committee of the board that is greater than a majority of the number of directors that would constitute the full board or committee assuming there are no vacancies; or

2. For shareholders that is greater than a majority of the voting power of the shares entitled to vote on the item of business or, in the case of a class or series entitled to vote as a separate group, a majority of the voting power of the outstanding shares of the class or series.

N.D.C.C. § 10-35-11