Guam § 281010 - Bylaw Increasing Quorum or Voting Requirement for

§ 281010. Bylaw Increasing Quorum or Voting Requirement for

Directors.

(a) A bylaw that increases a quorum or voting requirement for the board

of directors may be amended or repealed:

(1) if adopted by the shareholders, only by the shareholders, unless

the bylaw otherwise provides;

(2) if adopted by the board of directors, either by the shareholders

or by the board of directors.

(b) A bylaw adopted or amended by the shareholders that increases a

quorum or voting requirement for the board of directors may provide that it

can be amended or repealed only by a specified vote of either the

shareholders or the board of directors.

(c) Action by the board of directors under subsection (a) to amend or

repeal a bylaw that changes the quorum or voting requirement for the board

of directors must meet the same quorum requirement and be adopted by the

same vote required to take action under the quorum and voting requirement

then in effect or proposed to be adopted, whichever is greater.

----------

COL372014

18 GCA BUSINESS STRUCTURE & FUNCTION

ARTICLE 11

MERGERS AND SHARE EXCHANGES