1. Meeting Notice: The Annual Meeting will be held at the principal office location of the Corporation unless an alternate meeting location is determined by the. Board. The meeting location for the Annual Meeting shall be listed in the written notice of meeting sent to each Shareholder (the "Notice").
2. Meeting Date & Time: Unless designated otherwise by the Board in the Annual Meeting Notice or unless a legal holiday, the Annual Meeting shall take place as. follows:
Date: [Insert date of each year (or the specific day) the annual meeting will take place. This can be an estimated date, subject to change].
Time: [Insert what time will the annual meeting take place. This can be an estimated date, subject to change].
If the scheduled date of the Annual Meeting is a legal holiday, the Board shall determine an alternate date and send Notice to the Shareholders indicating such. Notice will be given in the following time period before the Annual Meeting: [Insert how much period of notice is required to be given before the annual meeting can take place.]
The Notice shall be effective when sent to the Shareholders and does not need to be of confirmed delivery to be considered effective. The Notice will also contain the agenda or topic items of the Annual Meeting, including election of the Board.
The duties of the Officers may be adjusted as needed by the Board throughout the life of the Corporation.
A simple way to define bylaws and give a thorough Corporate Bylaws definition is to say they are the governing rules by which a company operates in compliance with local legislation. Usually, when a company is initially founded, the bylaws are the very first thing that an executive board establishes. Our standard Corporate Bylaws template allows a company to ensure that they have addressed all they need to without fear that they are leaving out any crucial elements.
We include the following as standard in our Corporate Bylaws template:
In this section, basic information about the company is recorded, like the official name of the business, where its offices are and who the registered agent is.
When and how frequently the annual meeting of the corporation should take place is addressed in this section. Within it, the meeting notice outlines the date and where the meeting should occur. The amount of notice given to shareholders for the meeting is stated and how that notice should be delivered. How attendance by proxy is determined, alongside what the order of business shall be. The subject of voting is explored and states what percentage of shareholders represents a quorum.
The board of directors and how it is structured in terms of how many people are required and how long their terms can be, in addition to their compensation is outlined in this section of Corporate Bylaws. Important procedures for how to remove directors and how to fill vacant positions are identified.
The officers, or individuals in charge of running the day to day business, are delineated in this section. Again, it outlines what the terms of the positions are, and how resignations or removals should be dealt with.
Finally, the last section of the Corporate Bylaws explores how amendments to the bylaws can be made and how directors and officers are indemnified in any legal dispute that may occur due to holding their position within the company. This section also stipulates what the company’s fiscal year is and how the company can be dissolved. Lastly, the bylaws state that the company has a corporate seal which can be added to any document that requires a signature in addition to another signature of a relevant officer.
You should write Corporate Bylaws when founding a company and then subsequently use them throughout the running of that business.
Corporate Bylaws are an essential piece of documentation that any credible and reputable business should have. Companies should view them as a must have as opposed to a nice to have as they can provide clear direction on how a company should act and operate at all times.
A robust Corporate Bylaws document means that all involved are aware of what is required of them, and staff have an exacting reference document for guidance when they need. As a result, directors, officers and employees alike are all motivated by the same rules governing a company and the bylaws can help ensure that a company remains on the right side of the law at all times. The risk of legal dispute is thus minimized and effective working practices are, in comparison, maximized.
Corporate Bylaws are an essential document to create at the inception of a company as they provide a framework with which to operate your business. By outlining exactly how shareholder meetings should occur - and when - as well as the structure of a board, the corporate bylaws become a reference document that can help steer and direct a company. They help circumnavigate any uncertainties in difficult periods as well as help ensure that a company remains compliant with the laws of the country in which it operates.
You should use our Corporate Bylaws template at any point in time that you are starting up a business and require this essential document to help run your company. The template is also great to use in conjunction with either our Partnership Agreement or our Shareholder Agreement as our software can extract data from your Corporate Bylaws to help generate further agreements, quickly and efficiently.
Plus, what’s great about using our template alongside our app and our software, you can store this document safely and securely. Yet, it is still easily accessible to all those that need to view it. Emailing soft copies and versions of your Corporate Bylaws is not necessary, nor is printing off hard copies to store ineffectually elsewhere. Plus, as our software provides the ability to create a fully auditable trail, any amendments are tracked and recorded.