CLFC » Topics » AMENDMENTS

This excerpt taken from the CLFC 8-K filed May 12, 2006.

AMENDMENTS

Section 9.1 POWER OF SHAREHOLDERS. New Bylaws may be adopted or these Bylaws may be amended or repealed by the affirmative vote of a majority of the outstanding shares entitled to vote, or by the written consent of the shareholders entitled to vote such shares, except as otherwise provided by law or by the Articles of Incorporation.

Section 9.2 POWER OF DIRECTORS. Subject to the right of shareholders (as provided in Section 9.1) to adopt, amend or repeal Bylaws, these Bylaws may be adopted, amended or repealed by the Board of Directors; provided, however, that the Board of Directors may adopt a bylaw or amendment thereof changing the authorized number of directors only for the purpose of fixing the exact number of directors within the limits specified in Section 3.2 of these Bylaws.

 

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