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Section #727 of the Business Corporation Law calls for the Commissioner of Insurance to set minimum Self-Insured Retentions and Deductibles on D&O Liability coverage. We note that Indiana Business Corporation Law (specifically, Title 23, Article 1, Chapter 40, Section 3) permits a Board of Directors to submit a plan of merger without a recommendation under certain circumstances. The lawsuit maintains that the proposed transaction between Sovereign and Santander will give Santander (either alone or in concert with others) voting power over 20% or more of Sovereigns' common stock and, therefore, constitutes a "control transaction" under the Pennsylvania Business Corporation Law. |
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Business Corporation Law (New York state)