355.356. Removal of director by court.

Removal of director by court.

355.356. 1. The circuit court of the county where acorporation's principal office is located may remove any directorof the corporation from office in a proceeding commenced eitherby the corporation, its members holding at least ten percent ofthe voting power of any class, or the attorney general in thecase of a public benefit corporation if the court finds that:

(1) The director engaged in fraudulent or dishonestconduct, or gross abuse of authority or discretion, with respectto the corporation, or a final judgment has been entered findingthat the director has violated a duty set forth in sections355.416 to 355.426; and

(2) Removal is in the best interest of the corporation.

2. The court that removes a director may bar the directorfrom serving on the board for a period prescribed by the court.

3. If members or the attorney general commence a proceedingunder subsection 1 of this section, the corporation shall be madea party defendant.

4. If a public benefit corporation or its members commencea proceeding under subsection 1 of this section, they shall givethe attorney general written notice of the proceeding.

(L. 1994 H.B. 1095)

Effective 7-1-95