What is the name of your state? FLORIDA
FL Statute 617.1601 requires NFP corporations to maintain Bylaws or restated Bylaws and amendments.
Quandry: Private equity club bylaws return 80% of equity contribution to resigned members when new members make their contributions (amounts vary). Result is a waiting list for payment. Bylaw amendment changes the equity return to only 50% of original contribution. Bylaw amendments are effective when agreed by majority of voting members at special meeting.
May the change from 80% to 50% affect the return % of resigned members already on the 'waiting list' or will the new % be effective from the date of approval?
Is an amendment allowed to retroactively 'wipe out' the status of a preceding amendment?
Must the NFP corporation maintain copies of the bylaws as they existed prior to the amendment in addition to maintaining the amendments?
FL Statute 617.1601 requires NFP corporations to maintain Bylaws or restated Bylaws and amendments.
Quandry: Private equity club bylaws return 80% of equity contribution to resigned members when new members make their contributions (amounts vary). Result is a waiting list for payment. Bylaw amendment changes the equity return to only 50% of original contribution. Bylaw amendments are effective when agreed by majority of voting members at special meeting.
May the change from 80% to 50% affect the return % of resigned members already on the 'waiting list' or will the new % be effective from the date of approval?
Is an amendment allowed to retroactively 'wipe out' the status of a preceding amendment?
Must the NFP corporation maintain copies of the bylaws as they existed prior to the amendment in addition to maintaining the amendments?