Indiana Code 23-1-39-3. Bylaw fixing greater than majority quorum or voting requirement; amendment or repeal
(1) if originally adopted by the shareholders, only by the shareholders; or
Terms Used In Indiana Code 23-1-39-3
- Quorum: The number of legislators that must be present to do business.
(b) A bylaw adopted or amended by the shareholders that fixes a greater than majority quorum or voting requirement for action by the board of directors may provide that it may be amended or repealed only by a specified vote of either the shareholders or the board of directors.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) Action by the board of directors under subsection (a)(2) to adopt or amend a bylaw that changes the quorum or voting requirement for action by the board of directors must meet the same quorum requirement and be adopted by the same vote required to take action under the quorum and voting requirement then in effect or proposed to be adopted, whichever is greater.
As added by P.L.149-1986, SEC.23. Amended by P.L.3-2008, SEC.164.