490.1020 Authority to amend.
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/ia/chapter-490-business-corporations/490-1020·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 any of the following apply:
a. The articles of incorporation, section 490.1021, or, if applicable, section 490.1022, reserve that power exclusively to the shareholders in whole or part.
b. Except as provided in section 490.206, subsection 4, the shareholders in amending, repealing, or adopting a bylaw expressly provide that the board of directors shall not amend, repeal, or adopt that bylaw.
3. A shareholder of the corporation does not have a vested property right resulting from any provision in the bylaws.
89 Acts, ch 288, §118; 2002 Acts, ch 1154, §63, 125; 2021 Acts, ch 165, §145, 230
Referred to in §490.206