Maine Revised Statutes

§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.
[ 2001, c. 640, Pt. A, §2 (NEW); 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 [2001, c. 640, Pt. A, §2 (NEW); 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. [2011, c. 274, §51 (AMD).]
[ 2011, c. 274, §51 (AMD) .]
SECTION HISTORY
2001, c. 640, §A2 (NEW). 2001, c. 640, §B7 (AFF). 2011, c. 274, §51 (AMD).