BY-LAWS

Commentary

By-Laws are "the written rules for conduct of a corporation, association, partnership or any organization.

They should not be confused with the Articles of Corporation which only state the basic outline of the company, including stock structure. Bylaws generally provide for meetings, elections of a board of directors and officers, filling vacancies, notices, types and duties of officers, committees, assessments and other routine conduct.

"By-laws are, in effect a contract among members, and must be formally adopted and/or amended."