221.0214 Amendment of bylaws by board of directors or shareholders.
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/wi/chapter-221/221-0214A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
221.0214 Amendment of bylaws by board of directors or shareholders.
(1)Amendment by board of directors. A bank’s board of directors may amend or repeal the bank’s bylaws or adopt new bylaws, except to the extent that any of the following applies:
(a)The articles of incorporation, s. 221.0503 or any other provision of this chapter reserve that power exclusively to the shareholders.
(b)The shareholders, in adopting, amending or repealing a particular bylaw, provided in the bylaws that the board of directors may not amend, repeal or readopt that bylaw.
(2)Amendment by shareholders. A bank’s shareholders may amend or repeal the bank’s bylaws or adopt new bylaws, even though the board of directors may also amend or repeal the bank’s bylaws or adopt new bylaws.