Current through Session Law 2024-58
Section 55A-3-03 - Emergency powers(a) In anticipation of or during an emergency defined in subsection (d) of this section, the board of directors of a corporation may:(1) Modify lines of succession to accommodate the incapacity of any director, officer, employee, or agent; and(2) Relocate the principal office, designate alternative principal offices or regional offices, or authorize the officers to do so.(b) During an emergency defined in subsection (d) of this section, unless emergency bylaws provide otherwise: (1) Notice of a meeting of the board of directors need be given only to those directors it is practicable to reach and may be given in any practicable manner, including by publication and radio; and(2) One or more officers of the corporation present at a meeting of the board of directors may be deemed to be directors for the meeting, in order of rank and within the same rank in order of seniority, as necessary to achieve a quorum.(c) Corporate action taken in good faith during an emergency under this section, to further the ordinary affairs of the corporation, binds the corporation and the fact that the action is taken pursuant to this section shall not be used to impose liability on a corporate director, officer, employee, or agent.(d) An emergency exists for purposes of this section if a natural or man-made disaster impedes the ability of the corporation's board of directors or members to comply with one or more provisions of the corporation's bylaws.N.C. Gen. Stat. § 55A-3-03
Amended by 2021 N.C. Sess. Laws 162,s. 2-e, eff. 9/20/2021.Effective Date and Applicability: Section 6 of 2021 N.C. Sess. Laws 162 provides: "This act is effective when it becomes law. Sections 1, 2, and 3 of this act apply to meetings noticed on or after that date. Remote shareholder, policyholder, and member meetings noticed before the effective date of this act as a result of the state of emergency declared by Executive Order No. 116 on March 10, 2020, and complying with any subsequent executive orders authorizing remote shareholder, policy holder, or member meetings shall be deemed in compliance with this act. Section 4 of this act applies to not-for-profit corporations formed prior to July 1, 1989, existing as of the effective date of this act."