Vacation of office for small shareholders' director: statutory disqualification, unpaid calls, prolonged board absence, prohibited transactions, or removal. Vacation of office of a small shareholders' director is triggered by cessation of small shareholder status, statutory disqualification, failure to pay calls within six months from the last date fixed for payment, sustained unapproved absence from board meetings, removal under the statutory removal procedure, acceptance of prohibited loans or securities, acting contrary to statutory director restrictions, or court-declared disqualification.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Vacation of office for small shareholders' director: statutory disqualification, unpaid calls, prolonged board absence, prohibited transactions, or removal.
Vacation of office of a small shareholders' director is triggered by cessation of small shareholder status, statutory disqualification, failure to pay calls within six months from the last date fixed for payment, sustained unapproved absence from board meetings, removal under the statutory removal procedure, acceptance of prohibited loans or securities, acting contrary to statutory director restrictions, or court-declared disqualification.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
