Court of Appeals, 300 SCRA 579, 617 (1998). The Act gives both the shareholders and the board of directors the power to alter, amend, or repeal the bylaws or to adopt new bylaws, unless reserved to the shareholders in the articles. [81] Also under the Act, a majority of shares entitled to vote constitutes a quorum at a meeting of shareholders, unless the quorum requirement is altered by a provision in the articles. [82] To constitute the act of the shareholders, the affirmative vote of the holders of a majority of the shares represented at a meeting at which a quorum is present is required, unless the vote of a greater number or voting by classes is required by law or the articles. [83] An example of another provision regulating the internal affairs of a corporation which might be inserted in the articles is a provision requiring corporate indemnity of corporate officers, directors and employees against expenses, judgments, fines, etc., incurred while acting on behalf of the corporation. [84] The articles may also include a provision limiting or eliminating the liability of a director to the corporation or its stockholders. [85].

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