North Dakota Code 10-35-11 – Supermajority provisions prohibited
Current as of: 2023 | Check for updates
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Neither the articles nor the bylaws of a publicly traded corporation may provide a quorum or voting requirement:
Terms Used In North Dakota Code 10-35-11
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Quorum: The number of legislators that must be present to do business.
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.