§1020. Amendment by board of directors or shareholders
1.
Shareholders amend; repeal bylaws.
A corporation's shareholders may amend or repeal the corporation's bylaws.
[PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).]
2.
Board of directors amend bylaws.
A corporation's board of directors may amend or repeal the corporation's bylaws, unless:
A.
The articles of incorporation or section 1021 reserve that power exclusively to the shareholders in whole or part; or
[PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).]
B.
Except as provided in section 206, subsection 4, the shareholders in amending, repealing or adopting a bylaw expressly provide that the board of directors may not amend, repeal or reinstate that bylaw.
[PL 2011, c. 274, §51 (AMD).]
[PL 2011, c. 274, §51 (AMD).]
SECTION HISTORY
PL 2001, c. 640, §A2 (NEW). PL 2001, c. 640, §B7 (AFF). PL 2011, c. 274, §51 (AMD).