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Conn. Gen. Stat. § 33-782

Judicial action

Known as the Connecticut Business Corporation Act

The act spans §§ 33–33 (278 sections).

Applied in 1 court decision — leading case 1998 Conn. Super. Ct. 12440 - Cribbin v. Allied Color, Inc., No. Cv97-0407361 (Nov. 2, 1998) (1998)

Most recently applied in 1998 Conn. Super. Ct. 12440 - Cribbin v. Allied Color, Inc., No. Cv97-0407361 (Nov. 2, 1998) (November 1998)

(P.A. 94-186, S. 117, 215; P.A. 96-271, S. 83, 254; P.A. 06-68, S. 10.) History: P.A. 94-186 effective January 1, 1997; P.A. 96-271 amended Subsec

(a) A transaction effected or proposed to be effected by the corporation, or by an entity controlled by the corporation, may not be the subject of equitable relief, or give rise to an award of damages or other sanctions against a director of the corporation, in a proceeding by a shareholder or by or in the right of the corporation, on the ground that the director has an interest respecting the transaction, if it is not a director's conflicting interest transaction.

(b) A director's conflicting interest transaction may not be the subject of equitable relief, or give rise to an award of damages or other sanctions against a director of the corporation, in a proceeding by a shareholder or by or in the right of the corporation, on the ground that the director has an interest respecting the transaction, if: (1) Directors' action respecting the transaction was taken in compliance with section 33-783 at any time; (2) shareholders' action respecting the transaction was taken in compliance with section 33-784 at any time; or (3) the transaction, judged according to the circumstances at the relevant time, is established to have been fair to the corporation.

Official source: Connecticut General Assembly. Reproduced from public-domain Connecticut statutes; confirm against the official source for the current text. Not legal advice.