Bylaws are statements made with regards to an entity such as an organization, society or club. They are formed as guidelines to the entity for its existence. There are many types of bylaws depending on the structure and objective of the entity at hand.
An organization also has bylaws to direct its plans and progress in its business dealings. When an organization is public listed, it needs bylaws to showcase its operations and finance accountability. There will be scheduled shareholders’ and stockholders’ meetings where the corporation is to account for its operations, decisions and accounts.
The corporation bylaws allow the shareholders and stockholders a say in the running of the corporation by votes and annual meetings. The corporation bylaws may also state the types of benefits a shareholder or stockholder may receive, in terms of dividends and shares, depending on the performance of the organization.
A corporation bylaw template records the following:
* Corporation Name
* Corporation premise & address
* Mission & Vision statement
* Scope of Business
* Scheduled meetings
* Membership conditions
* Roles & Responsibilities
The corporation bylaws state the structure for the appointments of directors and office bearers on an annual basis. The bylaws will also specify the duration of notification that must be given to members for any business meetings to be held to allow members’ attendance and say.
Consider the attached sample template for your convenience.