§ 13-C §881 — Business opportunities

1.
Business opportunity not actionable if standards met.
If a director or officer or related person of either pursues or takes advantage, directly or indirectly, of a business opportunity, that action may not be the subject of equitable relief or give rise to an award of damages or other sanctions against the director, officer or related person, in a proceeding by or in the right of the corporation on the ground that such opportunity should have first been offered to the corporation, if :
2.
No inference or change in burden of proof.
In any proceeding seeking equitable relief or other remedies based upon an alleged improper pursuit or taking advantage of a business opportunity by a director or officer, the fact that the director or officer did not employ the procedure described in subsection 1, paragraph A or B before taking advantage of the opportunity does not create an inference that the opportunity should have been first presented to the corporation or alter the burden of proof otherwise applicable to establish that the director breached a duty to the corporation in the circumstances.
3.
Related person.
As used in this section, "related person" has the meaning set forth in section 871, subsection 3.

Legislative History

PL 2007, c. 289, §31 (NEW). PL 2015, c. 259, §16 (AMD).