Maine corporate bylaws are policies that govern a corporation’s daily operations and management structure. They determine voting rights, procedures for electing officers, stock distribution, and more. Bylaws assign tasks to members of committees for research, finance, fundraising, etc. The incorporators or directors adopt the initial bylaws after registering the business.
The board of directors or shareholders can amend or repeal the bylaws with the requisite number of votes as designated in the bylaws. Bylaws establish rules for decision-making, director and officer appointments, shareholder and board meetings, and conflict resolution.
Legal Requirements
Corporate bylaws are required in Maine [1] .
- Annual Meetings – Occasions for shareholders and directors to discuss the organization’s progress and make key decisions [2] . Meetings may be held at any location specified in the bylaws.
- Corporate Bylaws – A set of rules that govern the internal management of an organization [3] . Initially adopted by the corporation’s board of directors or incorporators.
- Issuance of Stock – The process of making shares available for sale, representing ownership in a corporation [4] . Stock may be issued by the board for the payment of any consideration of tangible or intangible property.
Naming Considerations
- Required Words: No mention in statutes.
- Prohibited Words: Language stating/implying that a corporation is organized for an impermissible purpose.
- Name Reservation Period: 120 days.
- Renewal Period: Non-renewable.
- Transferability: Yes.
Emergency Bylaws
A corporation may adopt emergency bylaws to be applied in situations where most directors cannot assemble. Emergency bylaws become void when the emergency ends [5] . Corporate officers and agents are shielded from liability for decisions made during an emergency.
