§ 23-1-34-5 — Quorum; assent to action taken

Indiana § 23-1-34-5

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 1: INDIANA BUSINESS CORPORATION LAW
• Ch. 34: Meetings and Action of Board of Directors

Text

(a) Unless the articles of incorporation or
bylaws require a greater number, a quorum of a board of directors
consists of:
(1) a majority of the fixed number of directors if the corporation
has a fixed board size; or
(2) a majority of the number of directors prescribed, or if no
number is prescribed, the number in office immediately before the
meeting begins, if the corporation has a variable-range size board.
(b) The articles of incorporation or bylaws may authorize a quorum
of a board of directors to consist of no fewer than one-third (1/3) of the
fixed or prescribed number of directors determined under subsection
(a).
(c) If a quorum is present when a vote is taken, the affirmative vote
of a majority of directors present is the act of the board of directors
unless the articles of incorporation or bylaws provide otherwise.
(d) A director who is present at a meeting of the board of directors
or a committee of the board of directors when corporate action is taken
is deemed to have assented to the action taken unless:
(1) the director objects at the beginning of the meeting (or
promptly upon the director's arrival) to holding it or transacting
business at the meeting;
(2) the director's dissent or abstention from the action taken is
entered in the minutes of the meeting; or
(3) the director delivers written notice of the director's dissent or
abstention to the presiding officer of the meeting before its
adjournment or to the secretary of the corporation immediately
after adjournment of the meeting. The right of dissent or
abstention is not available to a director who votes in favor of the
action taken.

Legislative History

As added by P.L.149-1986, SEC.18.