Title 13-C: MAINE BUSINESS CORPORATION ACT

Chapter 10: AMENDMENT OF ARTICLES OF INCORPORATION AND BYLAWS

Subchapter 2: AMENDMENT OF BYLAWS

§1020. Amendment by board of directors or shareholders

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

[PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).]

2.  Board of directors amend bylaws.  A corporation's board of directors may amend or repeal the corporation's bylaws, unless:  

A. The articles of incorporation or section 1021 reserve that power exclusively to the shareholders in whole or part; or   [PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).]

B. Except as provided in section 206, subsection 4, the shareholders in amending, repealing or adopting a bylaw expressly provide that the board of directors may not amend, repeal or reinstate that bylaw.   [PL 2011, c. 274, §51 (AMD).]

[PL 2011, c. 274, §51 (AMD).]

SECTION HISTORY

PL 2001, c. 640, §A2 (NEW). PL 2001, c. 640, §B7 (AFF). PL 2011, c. 274, §51 (AMD).