1. The district court of the county where a corporation’s principal office or, if none in this state, its registered office is located may remove a director of the corporation from office in a proceeding commenced by or in the right of the corporation if the court finds that both of the following apply:
- a. The director engaged in fraudulent conduct with respect to the corporation or its shareholders, grossly abused the position of director, or intentionally inflicted harm on the corporation.
- b. Considering the director’s course of conduct and the inadequacy of other available remedies, removal would be in the best interest of the corporation.
- 2. A shareholder proceeding on behalf of the corporation under subsection 1 shall comply with all of the requirements of division VII, part D, except section 490.741.
- 3. The court, in addition to removing the director, may bar the director from reelection for a period prescribed by the court.
- 4. This section does not limit the equitable powers of the court to order other relief.
89 Acts, ch 288, §80; 2002 Acts, ch 1154, §33, 125