US Laws, Codes, Statutes & Cases

§133.  Vote required in business combinations

In addition to any vote otherwise required by law or the charter of the corporation, a business combination shall be recommended by the board of directors and approved by the affirmative vote of at least each of the following:

(1)  Eighty percent of the votes entitled to be cast by outstanding shares of voting stock of the corporation voting together as a single voting group.  

(2)  Two-thirds of the votes entitled to be cast by holders of voting stock other than voting stock held by the interested shareholder who is or whose affiliate is a party to the business combination or an affiliate or associate of the interested shareholder, voting together as a single voting group.  

Acts 1984, No. 841, §2, eff. July 13, 1984.