Amendment of Articles and By-Laws

Before any certificate or any other document affecting or setting forth any amendment to the articles of incorporation of any domestic association shall hereafter be filed with the Director of Administration, there must be attached thereto a certificate of the commissioner approving the same. Upon the adoption of any amendment to the by-laws of any association, a copy of such amendment, certified by the secretary or assistant secretary of such association, shall be delivered or mailed forthwith to the commissioner. No amendment to the articles of incorporation or by-laws of any association which shall make any change in the rights, preferences or privileges of any outstanding stock or shares of such association which shall be adverse to the holders of such stock or shares shall be valid, unless such amendment is approved by the vote or written assent of the holders of two-thirds in par value of such outstanding stock or two-thirds in value of such outstanding shares, or of the class or classes of such outstanding shares adversely affected as aforesaid.