§ 13.1-715. Bylaw provisions increasing quorum or voting requirements for directors
A. A bylaw that increases a quorum or voting requirement for the board of directors may be amended or repealed: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 the bylaw otherwise provides; or
2. If 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that increases a quorum or voting requirement for the board of directors may provide that it shall be amended or repealed only by a specified vote of either the shareholders or the board of directors.
C. Action by the board of directors under subsection A to amend or repeal a bylaw that changes the quorum or voting requirement applicable to meetings of the board of directors must meet the quorum requirement and be adopted by the vote required to take action under the quorum and voting requirement then in effect.
(1985, c. 522; 2005, c. 765.)
Sections: Previous 13.1-708 13.1-709 13.1-710 13.1-711 13.1-712 13.1-713 13.1-714 13.1-715 13.1-715.1 13.1-716 13.1-717 13.1-718 13.1-719 13.1-719.1 13.1-720 NextLast modified: April 2, 2009