Bylaws can be defined as the codes of conduct that are being followed by the corporate organizations in order to properly manage their work flow. The bylaws contain different information such as the name and address of the corporation, the details of all the board members or the shareholders, the details of the percentage of share owned by every shareholder of the organization, the job responsibilities of all the board members etc. At times, it is required to make some changes or modifications to the bylaws. Those bylaws are known as the amended and restated bylaws.
Amendments and restatements of the bylaws are two different concepts. In case, the board members realize that some of the terms or codes are no more valid according to the changing business scenario, they replace the statements with some new statements keeping in mind the present situation and business strategy of the organization. This is called as amendment. However at times, some of the statements of the bylaws just need to be changed to make it more meaningful or easy to understand. These modified bylaws are then referred to as the restated bylaws.
Amended & Restated Construction Loan Agreement
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