490.809 - REMOVAL OF DIRECTORS BY JUDICIAL PROCEEDING.

        490.809  REMOVAL OF DIRECTORS BY JUDICIAL      PROCEEDING.         1.  The district court of the county where a corporation's      principal office or, if none in this state, its registered office is      located may remove a director of the corporation from office in a      proceeding commenced by or in the right of the corporation if the      court finds that both of the following apply:         a.  The director engaged in fraudulent conduct with respect to      the corporation or its shareholders, grossly abused the position of      director, or intentionally inflicted harm on the corporation.         b.  Considering the director's course of conduct and the      inadequacy of other available remedies, removal would be in the best      interest of the corporation.         2.  A shareholder proceeding on behalf of the corporation under      subsection 1 shall comply with all of the requirements of division      VII, part D, except section 490.741.         3.  The court, in addition to removing the director, may bar the      director from reelection for a period prescribed by the court.         4.  This section does not limit the equitable powers of the court      to order other relief.  
         Section History: Recent Form
         89 Acts, ch 288, §80; 2002 Acts, ch 1154, §33, 125