A. A corporation’s shareholders may amend or repeal the corporation’s bylaws.
B. A corporation’s board of directors may amend or repeal the corporation’s bylaws except to the extent that:
1. The articles of incorporation or this chapter reserves that power exclusively to the shareholders; or
2. Except as provided in subsection D of § 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.
Code 1950, §§ 13-10, 13.1-24; 1956, c. 428; 1985, c. 522; 2005, c. 765; 2010, c. 782.