Bylaw Guidelines
|
Bylaw Guidelines
|
|
|
Corporate Bylaws in General: Bylaws are the internal rules and regulations chosen by a corporation's organizers to govern the company's internal affairs. Bylaws need not be filed with the state and consequently are never "approved" by any official or agency. While bylaws are more specific concerning corporate affairs than are the articles, the authority of the bylaws is not unlimited. They must be consistent with the state's corporation laws and with the corporation's articles of incorporation. Inconsistencies are resolved in favor of the statute and the articles in that order. The responsibility for adopting, amending and repealing bylaws is vested in the board of directors unless the articles of incorporation expressly grant the power to the shareholders. In a small corporation, the organizers may want the shareholders to be so empowered so that they will be able to maintain more control over the corporation's management. Bylaws describe power in the corporation--where it is, who has it, how it is used, and how it is controlled. For that reason, an organization should not adopt a form set of bylaws but should develop bylaws that fit its structure and method of functioning. Since bylaws are not hard to prepare, it is worth the time to tailor them to the specific needs and circumstances of each corporation. Red Bank Oaks Property Owners’ Association Bylaws: The original Red Bank Oaks Property Owners’ Association Bylaws were reviewed and updated in July 2002 by the 2001-2002 Board of Directors. The Board of Directors felt the original bylaws needed to be updated to reflect current CC&Rs and the administrative practices which had been in effect since the 1980s and had since become standard procedure. The updated (current) Red Bank Oaks Property Owners’ Association Bylaws were signed into effect on 13 July 2002. This was the only time in the history of the Association that the bylaws had been reviewed and updated since the original bylaws were published 21 November 1971. |
|
Copyright © 2008
Red Bank Oaks Property Owners' Association
|
