Notwithstanding any other provisions of the North Carolina Business Corporation Act, the affirmative vote of the holders of ninety-five percent (95%) of the voting shares of a corporation, considered for the purposes of this section as one class, shall be required for the adoption or authorization of a business combination with any other entity if, as of the record date for the determination of shareholders entitled to notice thereof and to vote thereon, the other entity is the beneficial owner, directly or indirectly, of more than twenty percent (20%) of the voting shares of the corporation, considered for the purposes of this section as one class.
N.C. Gen. Stat. § 55-9-02
Voting requirement
Known as the The North Carolina Shareholder Protection Act
The act spans §§ 55-9-01 to 55-9-05 (5 sections).
Applied in 1 court decision — leading case Ehrenhaus v. Baker (2008)
Most recently applied in Ehrenhaus v. Baker (December 2008)
1987, c. 88. s. 1; 1989, c. 265, s. 1.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.