35-1-435. Quorum -- voting. (1) Unless the articles of incorporation or bylaws require a greater number, a quorum of a board of directors consists of:
(a) a majority of the fixed number of directors if the corporation has a fixed board size; or
(b) a majority of the number of directors prescribed or, if a number is not prescribed, the number in office immediately before the meeting begins if the corporation has a variable-range size board.
(2) The articles of incorporation or bylaws may authorize a quorum of a board of directors to consist of no fewer than one-third of the fixed or prescribed number of directors.
(3) If a quorum is present when a vote is taken, the affirmative vote of a majority of directors present is the act of the board of directors unless the articles of incorporation or bylaws require the vote of a greater number of directors.
(4) A director who is present at a meeting of the board of directors or a committee of the board of directors when corporate action is taken is considered to have assented to the action taken unless:
(a) the director objects at the beginning of the meeting or promptly upon the director's arrival to holding the meeting or transacting business at the meeting and delivers written notice of the director's objection to the presiding officer before its adjournment or to the corporation immediately after adjournment of the meeting;
(b) the director's dissent or abstention from the action taken is entered in the minutes of the meeting; or
(c) the director delivers written notice of the dissent or abstention to the presiding officer of the meeting before its adjournment or to the corporation immediately after adjournment of the meeting.
(5) The right of dissent or abstention is not available to a director who votes in favor of the action taken.
History: En. Sec. 90, Ch. 368, L. 1991; amd. Sec. 1261, Ch. 56, L. 2009.