What are by-laws or Articles of Association?
The by-laws, similar to the “Articles of Association” in other jurisdictions, are rules of the corporation or the company among itself, the shareholders (or owners) and the officers (including the directors). They are adopted by the Board of Directors initially and the Board may adopt and amend it afterwards. In general, the by-laws of a Non-Resident Domestic Corporation “NRDC” of the Republic of Marshall Islands are more flexible and are maintained by the corporation or the company internally, but may be publicly filed if requested. For the Articles of Association as that in BVI or Hong Kong companies, they are filed at the same time with the Memorandum of Association and hence, any amendments to the Memorandum and Articles of Association (“M&As”) are required to be filed with the Registrar.
