What are the By-Laws?
The by-laws are a set of rules concerning the internal organization and governance of the corporation. While many drafts of by-laws mirror the applicable corporate statute in many ways, it is important to note that these provisions can be modified. Typically, the by-laws deal with the following matters:
- Execution of documents
- Calling and quorum of director and shareholder meetings
- The term, resignation, removal, and vacancies of director elections and officer appointments
- Declaring dividends
- Borrowing powers