2721 - Bylaw and fundamental change procedures.
SUBCHAPTER C FUNDAMENTAL CHANGES Sec. 2721. Bylaw and fundamental change procedures. 2722. Changes in authorized shares. § 2721. Bylaw and fundamental change procedures. So long as a business corporation is a management corporation subject to this chapter: (1) The board of directors shall have the full authority vested by this subpart in the shareholders to amend the articles under section 2704(b) (relating to procedure) to renew the election of the corporation to be subject to this chapter and to adopt or change the bylaws, and a bylaw adopted by the board of directors pursuant to this section may continue in effect as long as the corporation remains subject to this chapter. (2) An amendment or plan shall not be adopted under Chapter 19 (relating to fundamental changes), and a bylaw shall not be adopted or changed by the shareholders, without the approval of the board of directors. (3) In the case of a corporation that in the ordinary course of business redeems all outstanding shares at the option of the shareholder at the net asset value or at another agreed method or amount of value thereof, an amendment or plan under Chapter 19 shall not require the approval of the shareholders of the corporation for adoption by the corporation.