Louisiana Revised Statutes 12:1-1020 – Amendment by board of directors or shareholders
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Terms Used In Louisiana Revised Statutes 12:1-1020
- 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.
A. A corporation‘s shareholders may amend or repeal the corporation’s bylaws.
B. A corporation’s board of directors may adopt, amend, or repeal the corporation’s bylaws, unless either of the following conditions exist:
(1) The articles of incorporation, La. Rev. Stat. 12:1-1021 or, if applicable, La. Rev. Stat. 12:1-1022 reserve that power exclusively to the shareholders in whole or part.
(2) The shareholders in amending, repealing, or adopting a bylaw expressly provide that the board of directors may not amend, repeal, or reinstate that bylaw.
Acts 2014, No. 328, §1, eff. Jan. 1, 2015.