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CAUTION: Director Veto Rights in Financing Documents May Constitute “Disproportionate Voting”
Articles, Raise Capital, Grow Your Company Lewis Geffen Articles, Raise Capital, Grow Your Company Lewis Geffen

CAUTION: Director Veto Rights in Financing Documents May Constitute “Disproportionate Voting”

By Lewis Geffen

Section 141(d) of the Delaware General Corporations Law (DGCL) allows the certificate of incorporation (COI) of a Delaware corporation to confer upon one or more directors voting powers greater than or less than those of other directors, thus resulting in “disproportionate voting” rights amongst the Directors.

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