Code of Virginia § 13.1-714. Amendment of bylaws by board of directors or shareholders.

123 words·~1 min read·/va/title-13-1/chapter-9/13-1-714

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

A. A corporation's shareholders may amend or repeal the corporation's bylaws.

B. A corporation's board of directors may amend or repeal the corporation's bylaws except to the extent that:

1. The articles of incorporation or § 13.1-715 reserves that power exclusively to the shareholders; or

2. Except as provided in subsection E of § 13.1-624 , the shareholders in amending, repealing, or adopting a bylaw expressly provide that the board of directors may not amend, repeal, or reinstate that bylaw.

C. A shareholder of the corporation does not have a vested property right resulting from any provision in the bylaws.

Code 1950, §§ 13-10, 13.1-24; 1956, c. 428; 1985, c. 522; 2005, c. 765 ; 2010, c. 782 ; 2019, c. 734 .