Authority to amend.

1. A corporation’s shareholders may amend or repeal the corporation’s bylaws. 2. A corporation’s board of directors may amend or repeal the corporation’s bylaws unless any of the following apply: a. The articles of incorporation, section 490.1021 , or, if applicable, section 490.1022 , reserve that power exclusively to the shareholders in whole or part. b. Except as provided in section 490.206, subsection 4 , the shareholders in amending, repealing, or adopting a bylaw expressly provide that the board of directors shall not amend, repeal, or adopt that bylaw. 3. A shareholder of the corporation does not have a vested property right resulting from any provision in the bylaws. 89 Acts, ch 288, §118 ; 2002 Acts, ch 1154, §63, 125 ; 2021 Acts, ch 165, §145, 230 Referred to in §490.206