California Corporations Code 12363 – The superior court of the proper county may, at the suit of a …
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The superior court of the proper county may, at the suit of a director, or members possessing 5 percent of the voting power, remove from office any director in case of fraudulent or dishonest acts or gross abuse of authority or discretion with reference to the corporation and may bar from reelection any director so removed for a period prescribed by the court. The corporation shall be made a party to such action.
(Added by Stats. 1982, Ch. 1625, Sec. 3. Operative January 1, 1984.)
Terms Used In California Corporations Code 12363
- 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.
- Corporation: as used in this part means a corporation which is organized under, or subject to this part, including a central organization. See California Corporations Code 12232
- County: includes "city and county. See California Corporations Code 14