7019 – Authorization for Indemnification of Directors and Officers.
§ 7019. Authorization for indemnification of directors and officers. 1. A corporation may indemnify any person, made, or threatened to be made, a party to an action or proceeding (other than one by or in the right of the corporation to procure a judgment in its favor), whether civil or criminal, including an action by […]
7008 – Action by the Board.
§ 7008. Action by the board. 1. Any reference in this chapter to corporate action to be taken by the board, other than the approval required by section five hundred eleven of this chapter, shall mean such action at a meeting of the board. Except as otherwise provided in this chapter, the vote of a […]
7009 – Greater Requirement as to Quorum and Vote of Directors.
§ 7009. Greater requirement as to quorum and vote of directors. Subject to subdivision two of section seven thousand seven with respect to banks and trust companies, stock-form savings banks, and stock-form savings and loan associations: 1. The organization certificate may contain provisions specifying either or both of the following: (a) That the proportion of […]
6050 – Company Membership.
§ 6050. Company membership. The members of a limited liability investment company or limited liability trust company shall have all of the rights and obligations as set forth in the limited liability company law, except as otherwise provided in this chapter.
7001 – Board of Directors; Qualifications and Disqualifications.
§ 7001. Board of directors; qualifications and disqualifications. 1. The affairs of every corporation shall be managed by a board of directors, each of whom shall be at least eighteen years of age. 2. (a) At least one-half of the directors of a bank or trust company, stock-form savings bank, or stock-form savings and loan […]
7002 – Number of Directors; Definition of “Entire Board”.
§ 7002. Number of directors; definition of “entire board”. 1. (a) The number of directors constituting the entire board of every bank and trust company, stock-form savings bank, and stock-form savings and loan association shall be not less than five nor more than fifteen, except that any such corporation with capital stock, surplus funds and […]
7003 – Election and Tenure of Directors.
§ 7003. Election and tenure of directors. 1. At each annual meeting of stockholders of a corporation, the stockholders shall elect directors to hold office until the next annual meeting except as authorized by section seven thousand four of this article. The organization certificate may provide for the election of one or more directors by […]
7004 – Classification of Directors.
§ 7004. Classification of directors. 1. The board of directors of any bank or trust company, stock-form savings bank, or stock-form savings and loan association may be classified into three classes as nearly equal as may be, with the terms of office of one class expiring each year, and such corporations may make provisions for […]
7005 – Vacancies and Newly Created Directorships.
§ 7005. Vacancies and newly created directorships. 1. In the case of banks and trust companies, stock-form savings banks, and stock-form savings and loan associations: (a) The persons named in the organization certificate as the first board may elect such additional number of directors as is provided for by the organization certificate. (b) All vacancies […]
7006 – Removal of Directors.
§ 7006. Removal of directors. 1. Any or all of the directors may be removed for cause by vote of the stockholders. The organization certificate or the specific provisions of a by-law adopted by the stockholders may provide for such removal by action of the board, except in the case of any director elected by […]