§55-10-22. Bylaw increasing quorum or voting requirement for directors

(a)        A bylaw that fixes a greater quorum or voting requirement for the board of directors may be amended or repealed:

(1)        If originally adopted by the shareholders, only by the shareholders, unless amendment or repeal by the board of directors is permitted pursuant to subsection (b);

(2)        If originally adopted by the board of directors, either by the shareholders or by the board of directors.

(b)        A bylaw adopted or amended by the shareholders that fixes a greater quorum or voting requirement for the board of directors may provide that it may be amended or repealed only by a specified vote of either the shareholders or the board of directors.

(c)        A bylaw referred to in subsection (a):

(1)        May not be adopted by the board of directors by a vote less than a majority of the directors then in office, and

(2)        May not itself be amended by a quorum or vote of the directors less than the quorum or vote therein prescribed or prescribed by the shareholders pursuant to subsection (b).

 

(1955, c. 1371, s. 1; 1959, c. 1316, ss. 2, 3; 1973, c. 469, s. 4; 1989, c. 265, s. 1.)