Bylaws are important to regulate the smooth functioning of any body. There can be bylaws for businesses which are known as corporate bylaws and there are bylaws for the society.
A bylaw is simply a statement of the practices adopted by the organization to ensure its operation. A corporate bylaw is usually drawn up to reflect the investment of assets of the organization in terms of stocks, bonds and securities which determine the financial health of the organization.
It can also state the fundamental principles and techniques of the organization’s sound investment practices or smooth operation.
The corporate bylaw can also clearly state the organization’s clear identification of reference with regards to its purpose and manner of operation.
There should be information regarding its annual general meetings or special meetings for the company’s interested parties such as shareholders or stockholders. There may also be the necessity in engaging the appropriate authority to execute the corporate bylaw to ensure fair play and execution of matters for the benefit of all parties involved.
Members of the organization need to be clearly stated on their positions and roles in the organization.
A corporate bylaw template may contain the following components:
* Organization Name
* Date of issue
* Purpose of bylaw
* Statements regarding company operations
* Specification of meetings (regular, special, quorum)
* Partner positions & duties
* Duties and tasks of committee
Consider the attached sample template for your convenience.