Montana Code 35-14-1020. Authority to amend
35-14-1020. Authority to amend. (1) A corporation‘s shareholders may amend or repeal the corporation’s bylaws.
Terms Used In Montana Code 35-14-1020
- 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.
- Property: means real and personal property. See Montana Code 1-1-205
(2)A corporation’s board of directors may amend or repeal the corporation’s bylaws unless:
(a)the articles of incorporation, 35-14-1021, or, if applicable, 35-14-1022 reserves that power exclusively to the shareholders in whole or part; or
(b)except as provided in 35-14-206(4), the shareholders in amending, repealing, or adopting a bylaw expressly provide that the board of directors may 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.