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2017 Idaho Statutes
Title 30 - CORPORATIONS
Chapter 29 - GENERAL BUSINESS CORPORATIONS
Part 8 - DIRECTORS AND OFFICERS
Section 30-29-861 - JUDICIAL ACTION.
Universal Citation: ID Code § 30-29-861 (2017)
30-29-861. judicial action. (1) 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 shareholder 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.
(2) 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 shareholder 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:
(a) Directors’ action respecting the transaction was at any time taken in compliance with section 30-29-862, Idaho Code;
(b) Shareholders’ action respecting the transaction was at any time taken in compliance with section 30-29-863, Idaho Code; or
(c) The transaction, judged according to the circumstances at the time of commitment, is established to have been fair to the corporation.
History:
[30-29-861, added 2015, ch. 243, sec. 63, p. 940.]
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