Bylaws are the formal rules and regulations which are laid down to govern the operations and conduct of an organization, company or partnership. These rules form the basic framework which shall look over how the business is run and how the management works. These are different from the articles of corporation, which is another important document of a company mentioning the basic outline of the company. Bylaws go beyond that and mainly describe the various rights, liabilities, responsibilities, qualifications, powers and conditions which will lead to the dissolution of the corporation.
Bylaws also govern the rules of meetings, appointment of members of the board of directors and other important officers, formulating notices, describing the duties of the employees, creating committees, conducting assessments and other conduct. They are like an agreement between the members of the organization and there must be formal adoption or change in the bylaws. Bylaws are more commonly used in countries of the Commonwealth, the United Kingdom and Canada.
Sample Bylaws Agreement
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