(1) A director may be removed by the district court for the county in this state in which the street address of the corporation's principal office is located or, if the corporation has no principal office in this state, by the district court for the county in which the street address of its registered agent is located or, if the corporation has no registered agent, by the district court for the city and county of Denver, in a proceeding commenced either by the corporation or by shareholders holding at least ten percent of the outstanding shares of any class, if the court finds that the director engaged in fraudulent or dishonest conduct or gross abuse of authority or discretion with respect to the corporation and that removal is in the best interests of the corporation.
The court that removes a director may bar the director from reelection for a periodprescribed by the court.
If shareholders commence a proceeding under subsection (1) of this section, theyshall make the corporation a party defendant.
Repealed.
Source: L. 93: Entire article added, p. 780, § 1, effective July 1, 1994. L. 96: (1) amended, p. 1318, § 21, effective June 1. L. 2000: (4) amended, p. 978, § 58, effective July 1. L. 2002: (4) amended, p. 1848, § 113, effective July 1; (4) amended, p. 1713, § 113, effective October 1. L. 2003: (1) amended, p. 2319, § 242, effective July 1, 2004. L. 2004: (4) repealed, p. 1498, § 255, effective July 1.