[Download] "Centaur Partners v. National Intergroup" by Supreme Court of Delaware * Book PDF Kindle ePub Free
eBook details
- Title: Centaur Partners v. National Intergroup
- Author : Supreme Court of Delaware
- Release Date : January 13, 1990
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 65 KB
Description
This is an appeal by Centaur Partners, IV ("Centaur") from a decision of the Court of Chancery which determined that the classified
Board of Directors of National Intergroup, Inc. ("National") could not be enlarged without an 80% supermajority stockholder
vote. The Chancery litigation was a result of Centaur's efforts to increase the size of National's board of directors through
the use of written consents to amend the by-laws in order to permit a majority of the board to be elected at the 1990 annual
stockholders meeting. We conclude that the Court of Chancery correctly determined that Article Eighth of National's charter was clear and unambiguous
in requiring that an 80% supermajority would be needed to amend the by-laws of National, thereby overcoming the presumption
of majority rule. Accordingly, we affirm the decision of the Court of Chancery.
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