Bylaws are the rules that are adopted by a corporation or other type of association that govern how the company will be run. They provide an outline of the rights and responsibilities of all parties to a corporation and give details of the operational framework for the business. Generally they will cover topics such as how directors are elected, how meetings of directors (and in the case of a business, shareholders) are conducted, and what officers the organization will have and a description of their duties. All corporations must have bylaws.
Bylaws are drafted by a corporation’s founders or directors and can generally be amended by the Board of Directors.
Definition of Bylaws.