South Dakota § 47-1A-1021 Bylaw increasing quorum or voting requirement for directors.

South Dakota Statutes

§ 47-1A-1021 — Bylaw increasing quorum or voting requirement for directors.

South Dakota·Title 47 CORPORATIONS·Ch. 47-1 SOUTH DAKOTA BUSINESS CORPORATION ACT

A bylaw that increases a quorum or voting requirement for the board of directors may be amended or repealed:

(1)If originally adopted by the shareholders, only by the shareholders, unless the bylaw otherwise provides;

(2)If adopted by the board of directors, either by the shareholders or by the board of directors. A bylaw adopted or amended by the shareholders that increases a quorum or voting requirement for the board of directors may provide that it can be amended or repealed only by a specified vote of either the shareholders or the board of directors. Action by the board of directors under this section to amend or repeal a bylaw that changes the quorum or voting requirement for the board of directors must meet the same quorum requirement and be adopted by the same vote required

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A bylaw that increases a quorum or voting requirement for the board of directors may be amended or repealed: (1) If originally adopted by the shareholders, only by the shareholders, unless the bylaw otherwise provides; (2) If adopted by the board of directors, either by the shareholders or by the board of directors. A bylaw adopted or amended by the shareholders that increases a quorum or voting requirement for the board of directors may provide that it can be amended or repealed only by a specified vote of either the shareholders or the board of directors. Action by the board of directors under this section to amend or repeal a bylaw that changes the quorum or voting requirement for the board of directors must meet the same quorum requirement and be adopted by the same vote required to take action under the quorum and voting requirement then in effect or proposed to be adopted, whichever is greater.

South Dakota § 47-1A-1021 (Bylaw increasing quorum or voting requirement for directors.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.