Iowa Code 490.1020 – Authority to amend
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1. A corporation‘s shareholders may amend or repeal the corporation’s bylaws.
Terms Used In Iowa Code 490.1020
- Articles of incorporation: means the articles of incorporation described in section 490. See Iowa Code 490.140
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- Shareholder: means a record shareholder. See Iowa Code 490.140
2. A corporation’s board of directors may amend or repeal the corporation’s bylaws unless any of the following apply:
a. The articles of incorporation, section 490.1021, or, if applicable, section 490.1022, reserve that power exclusively to the shareholders in whole or part.
b. Except as provided in section 490.206, subsection 4, the shareholders in amending, repealing, or adopting a bylaw expressly provide that the board of directors shall not amend, repeal, or adopt that bylaw.
3. A shareholder of the corporation does not have a vested property right resulting from any provision in the bylaws.