Maine corporate bylaws are rules by which a corporation regulates its business activity and internal affairs. An initial set of bylaws shall be adopted by the entity’s incorporators or directors after successfully registering the business in Maine. These bylaws will address voting requirements, meeting procedures, shareholder rights, the board of directors, and the powers and responsibilities of corporate officers.
Unless the Articles of Incorporation state otherwise, the initial bylaws may be amended or repealed by the board of directors. Shareholders hold the right to modify the corporation’s bylaws as well. In either case, alterations may only be executed with the requisite number of votes as designated in the bylaws.