REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) The circuit court of the county where a corporation's principal office, or, if none in this state, its registered office, is located may remove a director of the corporation from office in a proceeding commenced either by the corporation or by its shareholders holding at least 10 percent of the outstanding shares of any class if the court finds that (1) the director engaged in fraudulent or dishonest conduct, or gross abuse of authority or discretion, with respect to the corporation and (2) removal is in the best interest of the corporation.
(b) The court that removes a director may bar the director from reelection for a period prescribed by the court.
(c) If shareholders commence a proceeding under subsection (a), they shall make the corporation a party defendant.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 2 - Business Corporations.
Article 8 - Directors and Officers.
Division A - Board of Directors.
Section 10A-2-8.01 - Requirements for and Duties of Board of Directors.
Section 10A-2-8.02 - Qualifications of Directors.
Section 10A-2-8.03 - Number and Election of Directors.
Section 10A-2-8.04 - Election of Directors by Certain Classes of Shareholders.
Section 10A-2-8.05 - Terms of Directors Generally.
Section 10A-2-8.06 - Staggered Terms for Directors.
Section 10A-2-8.07 - Resignation of Directors.
Section 10A-2-8.08 - Removal of Directors by Shareholders.
Section 10A-2-8.09 - Removal of Directors by Judicial Proceeding.