Ariz. Rev. Stat. § 10-1020 – Amendment by board of directors or shareholders | Midpage
§ 10-1020
Ariz. Rev. Stat. § 10-1020
Amendment by board of directors or shareholders
A. A corporation's board of directors may amend or repeal the corporation's bylaws unless either:
1. The articles of incorporation or chapters 1 through 17 of this title reserve this power exclusively to the shareholders in whole or part.
2. The shareholders in amending or repealing a particular bylaw provide expressly that the board of directors may not amend or repeal that bylaw.
B. A corporation's shareholders may amend or repeal the corporation's bylaws even though the bylaws may also be amended or repealed by the board of directors.