Title 14, Chapter 2, Section 1003
( 14-2-1003)
(a) A corporation's board of directors may propose one or more
amendments to the articles of incorporation for submission to the
shareholders. (b) For the amendment to be adopted: (1) The board of directors must recommend the amendment to the
shareholders unless the board of directors elects, because of a
conflict of interest or other special circumstances, to make no
recommendation and communicates the basis for its election to the
shareholders with the amendment; and (2) The shareholders entitled to vote on the amendment must
approve the amendment as provided in subsection (e) of this Code
section. (c) The board of directors may condition its submission of the
proposed amendment on any basis. (d) The corporation shall notify each shareholder entitled to vote of the proposed shareholders' meeting in accordance with Code Section 14-2-705. The notice of meeting must also state that the purpose, or one of the purposes, of the meeting is to consider the proposed amendment and contain or be accompanied by a copy or summary of the amendment. (e) Unless this chapter, the articles of incorporation, or the board
of directors (acting pursuant to subsection (c) of this Code
section) require a greater vote or a vote by voting groups, the
amendment to be adopted must be approved by a majority of the votes
entitled to be cast on the amendment by each voting group entitled
to vote on the amendment. |