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Internal Affairs Doctrine
You can’t screw Delaware stockholders this way anymore…
- March 7, 2017
- Posted by: Rich Gora
- Category: Corporate Governance, Fiduciary Duty, Litigation, Securities
Delaware court confirms requirement for no more than a majority vote to remove director from Delaware corporation On January 24, 2017, Vice Chancellor Glassock ruled that Section 141(k) of the Delaware General Corporation Law (“DGCL”) prohibits company bylaws from requiring more than a majority vote to remove directors from a Delaware corporation’s board. See Frechter v. Zier, C.A.