Bylaws are written provisions describing how day-to-day operations of a corporation will be conducted. A corporation's activities are governed, in order of precedence, by statute, corporate charter, and bylaws.
A corporation's first set of bylaws is adopted by the corporation's first board of directors (or, in New York, by incorporators). The bylaws will normally describe how issues of corporate control will be handled and, to the extent not already covered in the corporate charter or otherwise required by statute, will cover such issues as the number of directors, the method of voting by the directors, offices of the corporation, and provisions for shareholder meetings. Once bylaws are adopted, changes in the bylaws normally will require shareholder approval.
Content of Bylaws
Typically, bylaws will describe:
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