113. Unless otherwise provided in the articles or in a unanimous shareholder agreement, the board of directors adopts the corporation’s by-laws. The by-laws are effective as of the date of the resolution of the board.
The by-laws must be submitted to the shareholders for approval at the next shareholders meeting, and the shareholders may, by ordinary resolution, ratify, reject or amend them. They cease to be effective at the close of the meeting if they are rejected by or not submitted to the shareholders. However, by-law amendments relating to procedural matters with respect to shareholders meetings take effect only once they have received shareholder approval.
A by-law adopted by the shareholders on a shareholder proposal submitted in accordance with subdivision 6 of Division I of Chapter VII is effective as of its adoption and requires no other approval. It may only be repealed with the approval of the shareholders.
The rules of this section apply, with the necessary modifications and subject to the by-laws, to the amendment or repeal of by-laws.