§ 13.1-715 Bylaw provisions increasing quorum or voting requirements for the board of directors
A. A bylaw that increases a quorum or voting requirement for the board of directors may be amended or repealed: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; or
2. If adopted by the board of directors, either by the shareholders or by the board of directors.
B. A bylaw adopted or amended by the shareholders that increases a quorum or voting requirement for the board of directors may provide that it may be amended or repealed only by a specified vote of either the shareholders or the board of directors.
C. Action by the board of directors under subsection A 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.
History
This law was first created in 1985. The record of its establishment is cataloged in chapter 522 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1985 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 2005, chapter 765; in 2019, chapter 734.
1985, c. 522; 2005, c. 765; 2019, c. 734.