26-2408. AMENDMENT TO ARTICLES OF INCORPORATION. The articles of incorporation may be amended by the votes of the stockholders and the members of the corporation, voting separately by classes, and such amendments shall require approval by the affirmative vote of two-thirds (2/3) of the votes to which the stockholders shall be entitled and two-thirds (2/3) of the votes to which the members shall be entitled; provided, that no amendment of the articles of incorporation which is inconsistent with the general purposes expressed herein or which authorizes any additional class of capital stock to be issued, or which eliminates or curtails the right of the director of the department of finance to examine the corporation or the obligation of the corporation to make reports as provided in section 26-2412, shall be made; and provided, further, that no amendment of the articles of incorporation which increases the obligation of a member to make loans to the corporation, or makes any change in the principal amount, interest rate, maturity date, or in the security or credit position of outstanding loan of a member to the corporation, or affects a member’s right to withdraw from membership as provided herein, or affects a member’s voting rights as provided herein, shall be made without the consent of each member affected by such amendment.
Within thirty (30) days after any meeting at which an amendment of the articles of incorporation has been adopted, articles of amendment signed and sworn to by the president, treasurer, and a majority of the directors, setting forth such amendment and due adoption thereof, shall be submitted to the secretary of state, which (who) shall examine them and if he finds that they conform to the requirements of this act, shall so certify and indorse his approval thereon. Thereupon, the articles of amendment shall be filed in the office of the secretary of state and no such amendment shall take effect until such articles of amendment shall have been filed as aforesaid.
History:
[(26-2408) 1963, ch. 273, sec. 8, p. 695; I.C., sec. 30-1508 (1963 Supp.).]
Structure Idaho Code
Chapter 24 - INDUSTRIAL DEVELOPMENT CORPORATIONS
Section 26-2401 - DEFINITIONS.
Section 26-2402 - WHO MAY INCORPORATE.
Section 26-2403 - POWERS OF THE CORPORATION.
Section 26-2404 - RIGHT TO PURCHASE OR TRANSFER CAPITAL STOCK OR OBLIGATIONS OF CORPORATION.
Section 26-2405 - APPLICATION FOR MEMBERSHIP — LOANS.
Section 26-2406 - DURATION OF MEMBERSHIP.
Section 26-2407 - POWERS OF STOCKHOLDERS AND MEMBERS.
Section 26-2408 - AMENDMENT TO ARTICLES OF INCORPORATION.
Section 26-2409 - BUSINESS OF CORPORATION MANAGED BY BOARD OF DIRECTORS.
Section 26-2410 - EARNED SURPLUS.
Section 26-2411 - DEPOSITS IN BANKS.
Section 26-2412 - ANNUAL FINANCIAL EXAMINATION.
Section 26-2414 - DURATION OF CORPORATION.
Section 26-2415 - DISSOLUTION.
Section 26-2416 - CREDIT OF STATE NOT PLEDGED.
Section 26-2417 - CORPORATION DEEMED A STATE DEVELOPMENT COMPANY.