The authority, powers and functions of the board of directors of a registered corporation described in section 2502(1) (relating to registered corporation status) may not be varied, and a committee of the board of such a corporation may not be established, by a bylaw adopted by the shareholders unless the bylaw has been adopted: (1) with the approval of the board of directors; (2) on or before August 21, 2001; or (3) at a time when the corporation was not a registered corporation described in section 2502(1).
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