§ 55-10-22. Bylaw increasing quorum or voting requirement for directors or prohibiting a meeting of shareholders solely by remote participation.

247 words·~1 min read·/nc/chapter-55/55-10-22

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A bylaw that fixes a greater quorum or voting requirement for the board of directors or that prohibits a meeting of shareholders solely by means of remote communication may be amended or repealed as follows:

(1)If originally adopted by the shareholders, only by the shareholders, unless amendment or repeal by the board of directors is permitted pursuant to subsection

(b)of this section.

(2)If originally adopted by the board of directors, either by the shareholders or by the board of directors.

(b)A bylaw adopted or amended by the shareholders that fixes a greater quorum or voting requirement for the board of directors may provide that it may be amended or repealed only by a specified vote of either the shareholders or the board of directors.

(c)The following applies to a bylaw referred to in subsection

(a)of this section.

(1)It shall not be adopted by the board of directors by a vote less than a majority of the directors then in office.

(2)It shall not itself be amended by a quorum or vote of the directors less than the quorum or vote therein prescribed or prescribed by the shareholders pursuant to subsection

(b)of this section. (1955, c. 1371, s. 1; 1959, c. 1316, ss. 2, 3; 1973, c. 469, s. 4; 1989, c. 265, s. 1; 2021-162, s. 1(f).)