A draft bylaws agreement is one that provides a rough copy of information regarding the day to day operations of a company. This is only an outline of the operational functions of the company and is subject to approval of the board of directors of the company. The draft agreement provides a sketch of how the company should run its affairs and gets implemented when the board of directors approves the same.
There are many aspects that are covered in the draft bylaws agreement of a company such as the structure of the company including the board members, the duties and responsibilities of the board of members, names and addresses of the board of directors of the company, details of meeting to be held by board of directors, details of shareholders meetings, the ownership distribution of the company, voting rights of shareholders, distribution of profits and losses of the company etc. The draft bylaws agreement comes into existence subject to the approval by the board of directors.
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