(1) If authorized by the articles of incorporation, the shareholders may amend the bylaws to fix a greater quorum or voting requirement for shareholders, or voting groups of shareholders, than is required by articles 101 to 117 of this title. An amendment to the bylaws to add, change, or delete a greater quorum or voting requirement for shareholders shall meet the same quorum requirement and be adopted by the same vote and voting groups required to take action under the quorum and voting requirements then in effect or proposed to be adopted, whichever are greater.
(2) A bylaw that fixes a greater quorum or voting requirement for shareholders under subsection (1) of this section shall not be amended by the board of directors.
Source: L. 93: Entire article added, p. 800, § 1, effective July 1, 1994.
ANNOTATION
An amendment to the bylaws to increase a shareholder voting requirement is invalid unless authorized by the articles of incorporation irrespective of the fact that the amendment was adopted unanimously by both the shareholders and the board of directors. Harding v. Heritage Health Prods. Co., 98 P.3d 945 (Colo. App. 2004).