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Board of Director Compensation, Fixed by Directors, Is Presumed Fair Under Chapter 55 Amendments Pursuant to Followed Requirements

By:  Amber Razzano

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In light of the news regarding Apple and Amazon’s new headquarters, the North Carolina General Assembly is taking steps to compete with other states for attracting these opportunities and additional corporate businesses. The North Carolina Business Corporation Act (“NCBCA”), codified in Chapter 55 of the North Carolina General Statutes, will take effect on October 1, 2018 (the “Act”). The 2018 amendments to the Act are consistent with changes made to the Model Business Corporation Act (the “MBCA”) and changes to state laws in other jurisdictions. The amendments to the Act cover nine principal topics, including changes that automatically affect the Board of Directors and Officers of public corporations. Continue reading »