What are by-laws?
The By-laws, similar to the “Articles of Association” found in other jurisdictions, are rules the corporation creates for its shareholders, officers, and directors. By-laws are adopted by the Board of Directors as one of the first organizational steps in setting up a corporation. Upon instruction, Thetabiz Corporation nominees can adopt a standard set of By-laws for a new corporation. Unlike Articles of Association, By-laws are usually maintained internally but may be publicly filed if requested.
By-laws are the rules adopted by the initial founders, directors or incorporator(s) of a corporation, setting policies or conditions under which the corporation may be operated. By-laws must conform to Delaware law and may be amended at any time by a majority vote of the corporate directors. Similarly, a Limited Liability Corporation is governed by an operating agreement.
