(MBCA 10.20) (a) A corporation‘s shareholders may amend or repeal the corporation’s bylaws.

Terms Used In Nebraska Statutes 21-2,159

  • 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.

(b) A corporation’s board of directors may amend or repeal the corporation’s bylaws, unless:

(1) The articles of incorporation or section 21-2,160 reserves that power exclusively to the shareholders in whole or part; or

(2) Except as provided in subsection (d) of section 21-224, the shareholders in amending, repealing, or adopting a bylaw expressly provide that the board of directors may not amend, repeal, or reinstate that bylaw.