1. Shareholders amend; repeal bylaws. A corporation's shareholders may amend or repeal the corporation's bylaws.
2. Board of directors amend bylaws. A corporation's board of directors may amend or repeal the corporation's bylaws, unless:
A. The articles of incorporation or section 1021 reserve that power exclusively to the shareholders in whole or part; or [PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).]
B. Except as provided in section 206, subsection 4, the shareholders in amending, repealing or adopting a bylaw expressly provide that the board of directors may not amend, repeal or reinstate that bylaw.