§420-10 Articles; amendments. The articles may be amended by the votes of the stockholders and the members of the corporation, voting separately by classes, and the amendments shall require approval of the affirmative vote of two-thirds of the votes to which the stockholders are entitled and two-thirds of the votes to which the members are entitled; provided that no amendment of the articles which is inconsistent with the general purposes expressed herein or which authorizes any additional class of capital stock to be issued shall be made without amendment of this chapter; and provided further that no amendment of the articles 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 any outstanding loan of a member to the corporation, or affects a member's right to withdraw from membership as provided in section 420-8, or affects a member's voting rights as provided in section 420-9, shall be made without the consent of each member affected by the amendment.

The articles of amendment shall be delivered to and filed by the director of commerce and consumer affairs and no amendment shall take effect until the articles of amendment have been filed. [L 1957, c 288, §9; am L Sp 1959 2d, c 1, §15; am L 1963, c 114, §3; Supp, §176A-9; HRS §420-10; am L 1982, c 204, §8; am L 1983, c 124, §17; am L 1985, c 269, §47; gen ch 1985; am L 1996, c 26, §1]