2005 Connecticut Code - Sec. 33-1128. Judicial action.

      Sec. 33-1128. Judicial action. (a) A transaction effected or proposed to be effected by a corporation, or by a subsidiary of the corporation or any other entity in which the corporation has a controlling interest, that is not a director's conflicting interest transaction may not be enjoined, set aside or give rise to an award of damages or other sanctions, in a proceeding by a member or director or by or in the right of the corporation, because a director of the corporation, or any person with whom or which he has a personal, economic or other association, has an interest in the transaction.

      (b) A director's conflicting interest transaction may not be enjoined, set aside or give rise to an award of damages or other sanctions, in a proceeding by a member or director or by or in the right of the corporation, because the director, or any person with whom or which he has a personal, economic or other association, has an interest in the transaction, if: (1) Directors' action respecting the transaction was at any time taken in compliance with section 33-1129; (2) members' action respecting the transaction was at any time taken in compliance with section 33-1130; or (3) the transaction, judged according to the circumstances at the time of commitment, is established to have been fair to the corporation.

      (P.A. 96-256, S. 94, 209.)

      History: P.A. 96-256 effective January 1, 1997.