Groups authorized to make determination that maintenance of proceeding not in best interest of corporation

Unless a panel is appointed pursuant to § 47-1A-744.5 , the determination in § 47-1A-744 shall be made by: (1) A majority vote of independent directors present at a meeting of the board of directors if the independent directors constitute a quorum; or (2) A majority vote of a committee consisting of two or more independent directors appointed by majority vote of independent directors present at a meeting of the board of directors, whether or not such independent directors constituted a quorum. Source: SL 2005, ch 239, § 128.