Bylaws Flashcards
1
Q
Are corporations required to have bylaws?
A
No - But we usually have them, for internal governance–e.g., responsibilities of officers, times and places for regular meetings of the board, methods of giving notice, etc.
AND - Bylaws are not filed with the state they are internal to the corporation
2
Q
Who adopts the initial bylaws?
A
It is the board at the organizational meeting
3
Q
Who can amend or repeal the bylaws of a corporation?
A
Shareholders, and in many states the board can
