490.1020 - AMENDMENT OF BYLAWS BY BOARD OF DIRECTORS OR SHAREHOLDERS.
490.1020 AMENDMENT OF BYLAWS BY BOARD OF DIRECTORS OR SHAREHOLDERS. 1. A corporation's shareholders may amend or repeal the corporation's bylaws. 2. A corporation's board of directors may amend or repeal the corporation's bylaws unless either of the following apply: a. The articles of incorporation or section 490.1021 reserve that power exclusively to the shareholders in whole or in part. b. The shareholders in amending, repealing, or adopting a bylaw expressly provide that the board of directors shall not amend, repeal, or reinstate that bylaw.
Section History: Recent Form 89 Acts, ch 288, §118; 2002 Acts, ch 1154, §63, 125