New York corporate bylaws are drafted by a company’s incorporators at the initial organization meeting to outline the rules and regulations of the corporation. The document defines the powers and responsibilities of the directors, shareholders, and officers. Provisions regarding corporate meetings and actions, the distributions of shares, and how the company may dissolve are also laid out in this form.
The implementation of corporate bylaws is required by law in the state of New York. Bylaws put into place may be changed, removed, or added to by a majority vote of the shareholders or the board of directors (if allowed in bylaws or certificate of incorporation).
Chapter: Chapter 4 – Business Corporation