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‘MBCA DGC Purpose 32.02; not required to sate purpose | §102; Must sate an omnibus purpose of formation ‘Capital Restietions $621 $153, 154 Distro wo wh esiictions B60 Insolvency tests and Equity | §154 definition of capital, surplus ‘Test; no "stated capital” rules goa E488 Pirecors abi for Uslawl | s17o: pivigend payments; dependent on Distro surplus of net profits $174: Directors liable for unlawful dividend Taterested Transactions $S.GOSubchapter F ‘144 Interested Directors §8.61 - provides safe harbor for interested directors more focused on process ‘Class of Shares 8601 DGCL 8151 Restrictions on S/H power | MBCA $2.06, 801, 840, 1007 DGCL $109, 141, 142, 242 10.04, 10.20 Taierested Transaction ‘Subchapter $8.60 a4 hhas more detailed stat provisions to lessen the need for litigation. More Process Director Qurom $8.24 Majority Charter may say 1/3) Directors Duties $8.30; Standards of conduct for define potential lability for miscondut Directors, more specification about standards (less litigation/ease law) 88.31 Standards for Liability Duy of Care $8.30) judicial doctrine Exculpation of Diresom’ | $2:02(6\@). charter may have SORBIC: charter may contain Fiduciary Duty provisions which eliminates provision that eliminates liability liability of directors, except for breach of duty, but may not for intentional acts for duty of loyality and other intentional ats, Wa deminification and Tnsurance | §8.50- 88.59 $145, $1020)) {or Direcons $8.51; Permissible Idemnification | $145(f): much broader tha §8.59, but vsually invalidated if agaist 88.52: Mandatory Idemnification Publ poly 88.59: Exclusivity of subeptr Tasurance for Direcours $857 ‘Allocation of Voting Power MBCA $8.08, 721, 728, DGCL S141), 212(@).214, 216 Removal of Bd of Directors MBCA §8.08-8.10, 1a) 823 ‘Shareholders - megs, voting 3701 wir ‘SH Qurom Voting 97.25 - qurom atleast 51% of those entitled to vote (default - may be greater). Vote YES needs to exceed Vote NO. $212, $216 - need a least 173 present for qurom; atleast $1% of qurom elect ditectors SIT Voting for Directo 9728 216 ‘Cumulative Voung $7.28, Charter must state cumulative Only for directors unless notice $214 Tor directors, no other exceptions Staggered Directors $806 sa Removal of Director by sth 3808 w/ or wio cause. charte may say for cause Need enough votes as if o elect the director ‘If cumulative voting - need enough ‘votes as if to elect ‘ST4TI) wi or wio cause staggered Bu - only for cause cumulative voting - need enough as to elect director Demand Requiremen 97.40 - demand required unless irreparable harm Demand not required if fudle Derivative Suits TAO Nothing? Ts this all judicially created? Less process orientated? Tn, Comm: 74 etnever looks at decision