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.
89 Acts, ch 288, §118; 2002 Acts, ch 1154, §63, 125
Previous Section 490.1010
Next Section 490.1021
© 2004 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Thu Jan 15 10:49:41 CST 2004
URL: /DOCS/IACODE/2003SUPPLEMENT/490/1020.html
jhf