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Idaho Statutes
Idaho Statutes are updated to the website July 1 following the legislative session.
CORPORATIONS
CHAPTER 29
GENERAL BUSINESS CORPORATIONS
PART 8
DIRECTORS AND OFFICERS
30-29-861. judicial action. (a) A transaction effected or proposed to be effected by the corporation or by an entity controlled by the corporation may not be the subject of equitable relief, or give rise to an award of damages or other sanctions against a director of the corporation, in a proceeding by a shareholder or by or in the right of the corporation, on the grounds that the director has an interest, respecting the transaction if it is not a director’s conflicting interest transaction.
(b) A director’s conflicting interest transaction may not be the subject of equitable relief or give rise to an award of damages or other sanctions against a director of the corporation, in a proceeding by a shareholder or by or in the right of the corporation, on the grounds that the director has an interest respecting the transaction, if:
(1) Directors’ action respecting the transaction was taken in compliance with section 30-29-862, Idaho Code, at any time;
(2) Shareholders’ action respecting the transaction was taken in compliance with section 30-29-863, Idaho Code, at any time; or
(3) The transaction, judged according to the circumstances at the relevant time, is established to have been fair to the corporation.
History: