TITLE 30

CORPORATIONS

CHAPTER 29

GENERAL BUSINESS CORPORATIONS

PART 2

INCORPORATION

30-29-207.  emergency bylaws. (a) Unless the articles of incorporation provide otherwise, the board of directors may adopt bylaws to be effective only in an emergency defined in subsection (d) of this section. The emergency bylaws, which are subject to amendment or repeal by the shareholders, may make all provisions necessary for managing the corporation during the emergency, including:

(1)  Procedures for calling a meeting of the board of directors;

(2)  Quorum requirements for the meeting; and

(3)  Designation of additional or substitute directors.

(b)  All provisions of the regular bylaws not inconsistent with the emergency bylaws remain effective during the emergency. The emergency bylaws are not effective after the emergency ends.

(c)  Corporate action taken in good faith in accordance with the emergency bylaws:

(1)  Binds the corporation; and

(2)  May not be used to impose liability on a director, officer, employee or agent of the corporation.

(d)  An emergency exists for purposes of this section if a quorum of the board of directors cannot readily be assembled because of some catastrophic event.

History:

[30-29-207, added 2015, ch. 243, sec. 57, p. 907; am. 2019, ch. 90, sec. 21, p. 241.]