What are Bylaws?
The bylaws of a corporation are the internal rules and guidelines by which a corporation is to operate. They may specify the rights and duties of the officers, shareholders and directors. They may also specify how the company may enter into contracts, transfer shares, hold meetings, pay dividends and make amendments to corporate documents. They may specify a fiscal year, how the corporate seal is to be used and which offices are required. Most states do not require bylaws to be filed with the state office. Back to the top What is a Corporate Officer? President – Elected by the board of directors and responsible for the implementation of their directives and orders. Handles the day-to-day managerial business of the corporation and defers to the board of directors on matters of policy. Secretary- responsible for the maintenance of corporate records. Treasurer- responsible for the management of corporate bank accounts and funds. The board of directors dictate the actual policy. Back to th
The Bylaws are the guidelines for the operation of the non-profit corporation. The Bylaws define the duties of the various offices of the Board of Directors, the terms of the Directors, the membership’s voting rights, required meetings and notices of meetings, and the principal office of the Association, as well as other specific items that are necessary to run the Association as a business.
