47-1A-861.1. Judicial action--Director's conflicting interest transaction.
A director's conflicting interest transaction may not be enjoined, set aside, or give rise to an award of damages or other sanctions, in a proceeding by a shareholder or by or in the right of the corporation, because the director, or any person with whom or which the director has a personal, economic, or other association, has an interest in the transaction, if:
(1)Directors' action respecting the transaction was at any time taken in compliance with §§47-1A-862 to 47-1A-862.3, inclusive;
(2)Shareholders' action respecting the transaction was at any time taken in compliance with §§47-1A-863 to 47-1A-863.3, inclusive; or
(3)The transaction, judged according to the circumstances at the time of commitment, is established to have been fair to the corporation.
Source: SL 2005, ch 239, §185.