The owners, of a majority of the paid up capital stock, entitled to vote, or a majority of the members if there be no capital stock, may, at a regular or special meeting duly called for the purpose, amend or repeal any bylaw or adopt new bylaws. The owners of two-thirds (2/3) of the paid up capital stock entitled to vote, or two-thirds (2/3) of the members if there be no capital stock, may delegate to the board of directors the power to amend or repeal any bylaw or to adopt new bylaws; provided, however, that any power delegated to the board of directors to amend or repeal any bylaw or to adopt new bylaws shall be considered as revoked whenever a majority of the stockholders or the members of the corporation shall so vote at a regular or special meeting.

Whenever any amendment of the articles of incorporation or a new bylaw is adopted, such amendment or bylaw shall be attached to the original articles or bylaws in the office of the corporation and a copy thereof duly certified to by a majority of the directors and countersigned by the secretary or clerk of the corporation, shall be filed with the Director of Revenue and Taxation, who shall attach the same to the original articles of incorporation and original bylaws on file in his office and charge the sum of Twenty Dollars ($20.00) for this service.

SOURCE: CC § 304; amended by P.L. 4-88 (7/14/58). Reference to Director of Finance changed to Revenue and Taxation pursuant to P.L. 9-228 (8/7/68). Amended by P.L. 29-002:V:I:56 (May 18, 2007).