stating in dicta that the "rule has provided the yardstick against which the duties and decisions of corporate officers and directors are measured"
How later courts described this case
- stating in dicta that the "rule has provided the yardstick against which the duties and decisions of corporate officers and directors are measured"
- proper pre-suit demand is a “procedural prerequisite to the filing of a derivative action in North Carolina”
- applying a “modified Zapata rule” where reviewing court must determine whether the transaction complained of was just and reasonable to the corporation
- relying on a statute concerning director conflicts as an "expression of legislative intent" regarding North Carolina business judgment rule
Written by the judges who cited it.
The opinion
Justice MEYER
dissenting.
I dissent. My position is accurately reflected in the original opinion of the Court, reported at 318 N.C. 289 , 349 S.E. 2d 41 (1986).