Arizona Revised Statutes § 10-1020 Amendment By Board Of Directors Or Shareholders

10-1020. Amendment by board of directors or shareholders

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

1. The articles of incorporation or chapters 1 through 17 of this title reserve this power exclusively to the shareholders in whole or part.

2. The shareholders in amending or repealing a particular bylaw provide expressly that the board of directors may not amend or repeal that bylaw.

B. A corporation's shareholders may amend or repeal the corporation's bylaws even though the bylaws may also be amended or repealed by the board of directors.

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Last modified: October 13, 2016