News & Analysis as of

Bylaws

Saudi Arabia Update - April 2017

by Dentons on

Legal developments - Required amendments to Saudi-incorporated companies’ articles of association - After a one-year grace period, companies established in Saudi Arabia are now required to amend their articles of...more

Pay Attention to Bylaws When Taking Corporate Actions

by Murtha Cullina on

All too often, family businesses are run in an “informal” fashion, with insufficient attention being paid to corporate formalities, including requirements set forth in a corporation’s bylaws. The Delaware Chancery Court...more

Canadian shareholders engage with U.S.-style proxy access: A Brave New World, or Much Ado About Nothing?

by DLA Piper on

Shareholders of the Toronto-Dominion Bank (“TD Bank”) and the Royal Bank of Canada (“RBC”) voted in the last few weeks on shareholder proposals made to confer additional proxy access rights to shareholders in the nomination...more

Final Version Of Bill To Reduce The Number Of Votes Required To Amend Bylaws Passed With Amendments

by Baker Donelson on

Both houses of the Maryland General Assembly have passed an amended version of legislation that would reduce the number votes required to amend condominium bylaws. As amended, what originated as House Bill 789 would reduce...more

Maryland General Assembly Passes Legislation To Allow Reduced Number Of Votes To Amend Condo Bylaws

by Baker Donelson on

Both houses of the Maryland General Assembly have passed legislation that would reduce the number votes required to amend condominium bylaws. House Bill 789 was approved unanimously in both the House of Delegates and State...more

Navigating the Lifecycle of an Eponymous Brand (Part 2)

In this three-part series, we identified at least three distinct seasons in the lifecycle of an eponymous brand: (1) Choosing the Brand, (2) Commercialization, and (3) Legacy of the Brand. In Part 1, we discussed "Choosing...more

The Role of the Community Association in Neighbor vs Neighbor Disputes

Neighbor vs neighbor disputes are frequently a part of life in community associations. Common examples may include an owner allowing his dog to use his neighbor’s yard or an owner dumping trash on his neighbor’s yard....more

2017 Proposed Legislation Regarding Florida Statutes, Chapter 718

In recent legislation, Senate Bills 1258 and 1682 and House Bills 1001 and 1237 seek to amend Florida Statutes, Chapter 718....more

Court Of Chancery Explains Effect Of Notice Bylaw Violation

by Morris James LLP on

This is an interesting decision even if only because it is so well written and deals with an unusual family corporation. Its legal significance is that it explains that a vote taken in violation of a bylaw requiring notice...more

Important Decision Regarding Pre-Existing Nonconforming Structures

by Goulston & Storrs PC on

In a recent decision, the Land Court clarified that Massachusetts state law does not require local zoning boards to make detailed factual findings when approving an extension or alteration to a pre-existing nonconforming...more

House of Delegates Passes Bill to Reduce the Votes Required to Amend Bylaws

by Baker Donelson on

By a vote of 135-0, the Maryland House of Delegates has passed legislation that would reduce the percentage of affirmative votes required to amend condominium bylaws. Under Section 11-104(e) of the Maryland Condominium Act,...more

Recent Pro-Cooperative Decisions in Class Action Patronage Capital Cases

Cooperatives facing patronage capital lawsuits have recently enjoyed a series of favorable court opinions. Over the past few months, the Eleventh Circuit and state and federal courts in Florida have all dismissed claims for...more

Death Knell to Merger Litigation for Massachusetts Corporations?

by WilmerHale on

In IBEW Local No. 129 Benefit Fund v. Tucci, the Massachusetts Supreme Judicial Court (SJC) affirmed the dismissal of direct claims for breach of fiduciary duty by EMC shareholders challenging the merger of EMC and Dell, Inc....more

Maryland Legislature Considers Proposal to Reduce Votes Required to Amend Bylaws

by Baker Donelson on

House Bill 789, now pending in the Maryland General Assembly, would reduce the percentage of affirmative votes required to amend condominium bylaws. Under Section 11-104(e) of the Maryland Condominium Act, condominium bylaws...more

Restrictive Endorsement

Restrictive endorsements when coupled with payment are still applicable to associations. As many may remember, The Florida Legislature amended Florida Statutes §718.116 and §720.3085 to include language relating to the...more

Blog: SEC Continues To Grant No-Action Relief In Connection With Proxy Access Fix-It Proposals

by Cooley LLP on

The SEC has posted a number of additional Corp Fin responses to requests for no-action, as well as to requests for reconsideration of previous denials of relief, regarding shareholder proposals to amend proxy access bylaws,...more

Delaware Court of Chancery Rules on Unambiguous Director Removal Voting Requirements

by Cole Schotz on

In a recent decision of the Delaware Court of Chancery, the Court struck down a corporate bylaw provision of NutriSystem, Inc., a Delaware corporation (the “Company”), ruling the provision to be inconsistent with the Delaware...more

Recent Schedule 14N Filings

GAMCO Asset Management Inc. made the news when it became the first to submit a Schedule 14N announcing a nominee for National Fuel Gas’ board of directors using a proxy access by-law. The nomination was rejected by National...more

Defining the Role of a Board Chair

The prior Family Business Advocates blog post provided an overview of the different legal roles that shareholders, directors, and officers play in the intersection of ownership and management of a company, but how does a...more

Important Reminders for the 2017 Proxy Season

The following are some important reminders and updates for the 2017 proxy season. Say-When-on-Pay - Required Vote in 2017 - The Securities and Exchange Commission (SEC) requires companies to conduct a...more

Supermajority Director Removal Bylaw Is Unlawful

by Polsinelli on

The Delaware Court of Chancery recently invalidated a bylaw that required a supermajority vote of at least two-thirds of all outstanding shares to remove a director because it was inconsistent with the Delaware General...more

Getting To The Point On Director Elections

by Allen Matkins on

Last week in The Mentor Blog, Broc Romanek mentioned a blog posting of mine from September 2015: Was This Director Duly Elected Or Appointed? My post was concerned Intelligent Digital Systems, LLC v. Beazley Ins. Co., Inc.,...more

What is a Community Association? Unwrapping the Riddle

by Ward and Smith, P.A. on

There are approximately 14,000 planned communities located throughout North Carolina, but very few of the nearly 3 million residents of such communities have a clear understanding of what the heck the community association...more

Delaware corporate law and litigation: what happened in 2016 and what it means for you in 2017

by DLA Piper on

Delaware has long been known as the corporate capital of the world, and it is now the state of incorporation for 66 percent of the Fortune 500 and more than half of all companies whose securities trade on the NYSE, Nasdaq and...more

Chancery Court Decision, Invalidating Supermajority Director Removal Bylaw, Has Broad Implications for Supermajority Bylaw...

by K&L Gates LLP on

In Frechter v. Zier, C.A. No. 12038-VCG (Del. Ch. Jan. 24, 2017), the Delaware Court of Chancery held that a corporation’s bylaw, requiring a supermajority stockholder vote for the removal of directors, was invalid. ...more

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