Transaction Summary
The by-laws of the corporation serve as a procedural and policy guidebook for legal administration of the affairs of the corporation. These guidelines must be consistent with the framework of the corporate statute in the state the corporation was formed. However, there is some variation possible in implementing details. Shareholders with minority status may be able to negotiate special protections in the by-laws. Officers may be able to broaden or narrow their own authority. Quorum and voting majorities can be adjusted to suit certain preferences or voting constituencies. Certain transactions can be identified as requiring special authority or voting thresholds. Indemnification of directors, special reserve funds, the authority of special committees and conflict of interest policies are also subject to special by-law provisions. You can find answers to your questions using our extensive library of
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