After asking the Delaware Court of Chancery to resolve a novel issue concerning directors' terms on a staggered board and the meaning of an "annual" meeting, Airgas has lost its bid to have a bylaw passed by shareholders declared invalid. Entering a decision on the same day as the hearing on the issue, Chancellor William B. Chandler III found it is not the court's duty to make the actual words used in charters or bylaws conform to their drafters' intentions. Chandler called the matter "a case of apparent first impression."
October 20, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Last week, Airgas Inc. lost its bid in the Court of Chancery to have a bylaw passed by shareholders at its annual meeting in September declared invalid.
The 41-page opinion in Airgas Inc. v. Air Products and Chemicals Inc. from Chancellor William B. Chandler III ruled in favor of the defendant. It was entered Oct. 8, the same day as the hearing on the issue.
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