17:9A-77. By-laws; limitations on powers of directors
77 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-77A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A board of directors which shall be empowered to make, alter and repeal by-laws may not, however, exercise such power with respect to by-laws
(1)fixing the number of directors of the bank or the manner and time of determining such number;
(2)establishing the requirement for calling a special meeting of the stockholders; or
(3)setting forth the manner in which the by-laws may be made, altered or repealed.
L.1948, c. 67, p. 254, s. 77.