- Froogled By:
- Elias Makere, FSA, MAAA
- Last Froogled:
BYLAWS
In corporate law, bylaws are self-imposed rules that constitute an agreement (or contract) between a corporation and its members – to conduct the corporate business in a particular way.
Under common law – and in the absence of law to the contrary – the power to make bylaws resides in the members (or shareholders) of the corporation. When used by corporations, the term bylaws deals with matters of corporate structure & machinery – as distinguished from regulations (which are imposed by a board of directors to deal with problems relating to the day-to-day management).
Feel free to use it throughout your financial/insurance life.
Sincerely,
www.FroogleMe.com
