2010 Maine Code
TITLE 13-C: MAINE BUSINESS CORPORATION ACT
Chapter 10: AMENDMENT OF ARTICLES OF INCORPORATION AND BYLAWS
13-C §1020. Amendment by board of directors or shareholders
Subchapter 2: AMENDMENT OF BYLAWS HEADING: PL 2001, C. 640, PT. A, §2 (NEW); PT. B, §7 (AFF)
§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.
[ 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. The shareholders in amending, repealing or adopting a bylaw expressly provide that the board of directors may not amend, repeal or reinstate that bylaw. [2001, c. 640, Pt. A, §2 (NEW); 2001, c. 640, Pt. B, §7 (AFF).]
[ 2001, c. 640, Pt. A, §2 (NEW); 2001, c. 640, Pt. B, §7 (AFF) .]
SECTION HISTORY
2001, c. 640, §A2 (NEW). 2001, c. 640, §B7 (AFF).
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