17-6009.Bylaws; adoption, amendment or repeal; contents.
(a) The right to adopt, amend or repeal bylaws of any corporation in
existence on July 1, 1972, shall be vested in the corporation's board of
directors, unless otherwise provided in such corporation's articles of
incorporation and subject to the right of the stockholders to adopt, amend or
repeal the bylaws. For all other corporations,
the original
or other bylaws of a corporation may be adopted, amended or
repealed by the incorporators, unless the initial
directors were named in the articles of incorporation, or, before
a corporation has received any payment for any of its stock or, in the case
of a nonstock corporation, before any person has been admitted to membership in
the corporation, by its board
of directors or governing body, as the case may be. After a corporation has
received any payment for any of its
stock or, in the case of a nonstock corporation, after any person has been
admitted to membership in the corporation,
the power to adopt, amend or repeal bylaws shall be in
the stockholders entitled to vote or,
in the case of a nonstock corporation, in its members
entitled to vote except that, any corporation, in its articles
of incorporation, may confer the power to adopt, amend or repeal bylaws
upon
the directors or, in the case of a nonstock corporation, upon its governing
body by whatever name designated. The fact that such power has been so
conferred upon the directors or governing body, as the case may be, shall
not divest the stockholders or members of the power, nor limit their power
to adopt, amend or repeal bylaws.
(b) The bylaws may contain any provision, not inconsistent with law or
with the articles of incorporation, relating to the business of the
corporation,
the conduct of its affairs, and its rights or powers or the rights or powers
of its stockholders, directors, officers or employees.
History: L. 1972, ch. 52, § 9; L. 1977, ch. 80, § 1;
L. 1988, ch. 99, § 4; Revived and amend., L. 1988, ch. 100, § 4;
L. 1992, ch. 270, § 2; July 1.
17-6009.Bylaws; adoption, amendment or repeal; contents.
(a) The right to adopt, amend or repeal bylaws of any corporation in
existence on July 1, 1972, shall be vested in the corporation's board of
directors, unless otherwise provided in such corporation's articles of
incorporation and subject to the right of the stockholders to adopt, amend or
repeal the bylaws. For all other corporations,
the original
or other bylaws of a corporation may be adopted, amended or
repealed by the incorporators, unless the initial
directors were named in the articles of incorporation, or, before
a corporation has received any payment for any of its stock or, in the case
of a nonstock corporation, before any person has been admitted to membership in
the corporation, by its board
of directors or governing body, as the case may be. After a corporation has
received any payment for any of its
stock or, in the case of a nonstock corporation, after any person has been
admitted to membership in the corporation,
the power to adopt, amend or repeal bylaws shall be in
the stockholders entitled to vote or,
in the case of a nonstock corporation, in its members
entitled to vote except that, any corporation, in its articles
of incorporation, may confer the power to adopt, amend or repeal bylaws
upon
the directors or, in the case of a nonstock corporation, upon its governing
body by whatever name designated. The fact that such power has been so
conferred upon the directors or governing body, as the case may be, shall
not divest the stockholders or members of the power, nor limit their power
to adopt, amend or repeal bylaws.
(b) The bylaws may contain any provision, not inconsistent with law or
with the articles of incorporation, relating to the business of the
corporation,
the conduct of its affairs, and its rights or powers or the rights or powers
of its stockholders, directors, officers or employees.
History: L. 1972, ch. 52, § 9; L. 1977, ch. 80, § 1;
L. 1988, ch. 99, § 4; Revived and amend., L. 1988, ch. 100, § 4;
L. 1992, ch. 270, § 2; July 1.
17-6009.Bylaws; adoption, amendment or repeal; contents.
(a) The right to adopt, amend or repeal bylaws of any corporation in
existence on July 1, 1972, shall be vested in the corporation's board of
directors, unless otherwise provided in such corporation's articles of
incorporation and subject to the right of the stockholders to adopt, amend or
repeal the bylaws. For all other corporations,
the original
or other bylaws of a corporation may be adopted, amended or
repealed by the incorporators, unless the initial
directors were named in the articles of incorporation, or, before
a corporation has received any payment for any of its stock or, in the case
of a nonstock corporation, before any person has been admitted to membership in
the corporation, by its board
of directors or governing body, as the case may be. After a corporation has
received any payment for any of its
stock or, in the case of a nonstock corporation, after any person has been
admitted to membership in the corporation,
the power to adopt, amend or repeal bylaws shall be in
the stockholders entitled to vote or,
in the case of a nonstock corporation, in its members
entitled to vote except that, any corporation, in its articles
of incorporation, may confer the power to adopt, amend or repeal bylaws
upon
the directors or, in the case of a nonstock corporation, upon its governing
body by whatever name designated. The fact that such power has been so
conferred upon the directors or governing body, as the case may be, shall
not divest the stockholders or members of the power, nor limit their power
to adopt, amend or repeal bylaws.
(b) The bylaws may contain any provision, not inconsistent with law or
with the articles of incorporation, relating to the business of the
corporation,
the conduct of its affairs, and its rights or powers or the rights or powers
of its stockholders, directors, officers or employees.
History: L. 1972, ch. 52, § 9; L. 1977, ch. 80, § 1;
L. 1988, ch. 99, § 4; Revived and amend., L. 1988, ch. 100, § 4;
L. 1992, ch. 270, § 2; July 1.