§ 55-9A-09. Exemptions. - North Carolina Statutes

§55‑9A‑09.  Exemptions.

The provisions of this Articleshall not be applicable to any corporation if, on or before September 30, 1990,or such earlier date as may be irrevocably established by resolution of theboard of directors, or at any time before the corporation becomes, or after itceases to be, a covered corporation, the board of directors adopts a bylawstating that the provisions of this Article shall not be applicable to thecorporation; or, in the case of a corporation formed after August 12, 1987, itsinitial articles of incorporation provide that this Article shall not beapplicable to the corporation; or on or after September 1, 2000, and on orbefore December 31, 2000, the board of directors of a corporation to which theprovisions of this Article were applicable on September 1, 2000, adopts a bylawstating that the provisions of this Article shall not be applicable to thecorporation. Neither adoption nor failure to adopt such a bylaw or provisionshall constitute grounds for any cause of action against the corporation, orany officer or director of the corporation. (1987, c. 773, s. 12; 1989,c. 200, s. 1; c. 265, s. 1; 2000‑140, s. 47.)