                                 CODE OF VIRGINIA

AMENDMENT OF BYLAWS BY BOARD OF DIRECTORS OR SHAREHOLDERS (§ 13.1-714)

A. A corporation&#8217;s shareholders may amend or repeal the
corporation&#8217;s bylaws.

B. A corporation&#8217;s board of directors may amend or repeal the
corporation&#8217;s bylaws except to the extent that:

   1. The articles of incorporation or &#xA7; 13.1-715 reserves that power
   exclusively to the shareholders; or

   2. Except as provided in subsection E of &#xA7; 13.1-624, the shareholders in
   amending, repealing, or adopting a bylaw expressly provide that the board of
   directors may not amend, repeal, or reinstate that bylaw.

C. A shareholder of the corporation does not have a vested property right
resulting from any provision in the bylaws.

HISTORY: Code 1950, §§ 13-10, 13.1-24; 1956, c. 428; 1985, c. 522; 2005, c.
765; 2010, c. 782; 2019, c. 734.