North Dakota Code 1-08-05 – Validating proceedings of a corporation by two-thirds vote
Current as of: 2023 | Check for updates
|
Other versions
Proceedings had or authorized prior to July 1, 1941, by a two-thirds vote shall be in all things deemed legal and binding upon all stockholders or members of a corporation unless, within ninety days after this code takes effect, nonassenting stockholders or members by action to enjoin or by other appropriate judicial process shall question the legality of any sale made or act done pursuant to such authorization.
Terms Used In North Dakota Code 1-08-05
- 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.
- Process: means a writ or summons issued in the course of judicial proceedings. See North Dakota Code 1-01-49