West Virginia § 31D-8-809 Removal of directors by judicial proceeding

West Virginia Statutes

§ 31D-8-809 — Removal of directors by judicial proceeding

West Virginia·Ch. 31D WEST VIRGINIA BUSINESS CORPORATION ACT·Art. 8 DIRECTORS AND OFFICERS

(a)The circuit court may remove a director of the corporation from office in a proceeding commenced either by the corporation or by its shareholders holding at least ten percent of the outstanding shares of any class if the court finds that:

(1)The director engaged in fraudulent or dishonest conduct or gross abuse of authority or discretion with respect to the corporation; and (2) removal is in the best interest of the corporation.

(b)The court that removes a director may bar the director from reelection for a period prescribed by the court.

(c)If shareholders commence a proceeding under subsection (a) of this section, they must make the corporation a party defendant.

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(a) The circuit court may remove a director of the corporation from office in a proceeding commenced either by the corporation or by its shareholders holding at least ten percent of the outstanding shares of any class if the court finds that: (1) The director engaged in fraudulent or dishonest conduct or gross abuse of authority or discretion with respect to the corporation; and (2) removal is in the best interest of the corporation.

(b) The court that removes a director may bar the director from reelection for a period prescribed by the court.

(c) If shareholders commence a proceeding under subsection (a) of this section, they must make the corporation a party defendant.

West Virginia § 31D-8-809 (Removal of directors by judicial proceeding) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.