Section 1020 - Amendment by board of directors or shareholders1.Shareholders amend; repeal bylaws. A corporation's shareholders may amend or repeal the corporation's bylaws. [2001, c. 640, Pt. A, §2 (NEW); 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 [2001, c. 640, Pt. A, §2 (NEW); 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. [2011, c. 274, §51 (AMD).] [2011, c. 274, §51 (AMD).]
Amended by 2011, c. 274,§ 51, eff. 9/28/2011.2001, c. 640, §A2 (NEW) . 2001, c. 640, §B7 (AFF) .