Question

What are the corporation's bylaws?

Answer 1

A Corporation has a separate entity from its owners and is a legal person. There are certain laws applicable to the corporation depending upon its shareholding/ business etc.

However Corporation bylaws are different. They are the rules that the Board of Directors of the Corporation agree to in the process of forming the corporation. These bylaws define the scope of business, how business is to be conducted, how disputes are to be resolved, conflict of interest etc. They also list out the responsibilities of the directors, management/top level employees and shareholders. The bylaws also list out the various procedures to be followed including the procedure for amendment of the bylaws. They are more elaborate than the articles of corporation and provide more details. Bylaws are for the corporation itself and need not be filed with any external agency