What are Bylaws?
Bylaws are a document used by an organization to establish its internal management by setting out the rules and responsibilities for shareholders, directors, and officers. The bylaws set the rules for meetings, specify voting procedures, and establish officer positions and responsibilities.
Bylaws can be amended, as set forth within the bylaws themselves, when necessary to suit the organization’s needs. Typically, the Board of Directors must vote to pass any amendments.
Bylaw Best Practices
The content of the bylaws is unique to each corporation. The bylaws usually include the following:
- Company Management Structure: The officer positions and their responsibilities.
- Board of Directors meetings, selection and removal of board members.
- Voting rules and regulations.
- Process to amend the bylaws.
- Location of annual meeting and special meetings of the corporation.
- Procedure for corporate record keeping.
- Financial audits and inspections of the corporate records.
How Agendas Work in a Board Portal A board portal
is a perfect place to keep your bylaws always on hand. Dynamic resource centers house key documents for director and administrators to quickly reference corporate documents, key reports, and frequently referenced meeting materials.
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