Nevada § 78.345 Election of directors by order of court upon failure of regular election

Nevada Statutes

§ 78.345 — Election of directors by order of court upon failure of regular election

Nevada·Title 7 BUSINESS ASSOCIATIONS; SECURITIES; COMMODITIES·Ch. 78 Private· MEETINGS, ELECTIONS, VOTING AND NOTICE

1.If any corporation fails to elect directors within 18 months after the last election of directors required by NRS 78.330 , the district court has jurisdiction in equity, upon application of any one or more stockholders holding stock entitling them to exercise at least 15 percent of the voting power, to order the election of directors in the manner required by NRS 78.330 .

2.The application must be made by petition filed in the county where the principal office of the corporation is located or, if the principal office is not located in this State, in the county in which the corporation’s registered office is located, and must be brought on behalf of all stockholders desiring to be joined therein. Such notice must be given to the corporation and the stockholders as the court may direct.

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1. If any corporation fails to elect directors within 18 months after the last election of directors required by NRS 78.330 , the district court has jurisdiction in equity, upon application of any one or more stockholders holding stock entitling them to exercise at least 15 percent of the voting power, to order the election of directors in the manner required by NRS 78.330 .
2. The application must be made by petition filed in the county where the principal office of the corporation is located or, if the principal office is not located in this State, in the county in which the corporation’s registered office is located, and must be brought on behalf of all stockholders desiring to be joined therein. Such notice must be given to the corporation and the stockholders as the court may direct.
3. The directors elected pursuant to this section have the same rights, powers and duties and the same tenure of office as directors elected by the stockholders at the annual meeting held at the time prescribed therefor, next before the date of the election pursuant to this section, would have had.

Nevada § 78.345 (Election of directors by order of court upon failure of regular election) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.