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What are corporate by-laws?
They are the "game plan" on how the corporation is to be run and operated. By-laws also set forth the rights and powers of the shareholders, directors, and officers. They are not ordinarily filed in any state’s corporate filing office. In practice, by-laws can be brief or lengthy.
The contents vary but typically include the following provisions:
the time and place for meetings of officers, directors, and shareholders;
how many directors, their tenure, and their qualifications;
title and compensation of the corporate officers;
the fiscal year of the corporation;
who and how the bylaws are amended;
any rules on the approval of contracts, loans, checks, stock certificates
inspection of the corporate books.
Like articles of incorporation, computer-aided programs will assemble and print by-laws, or one can be prepared "from scratch" or the tear-out forms provided in many published incorporation books may be used.
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