Massachusett corporate bylaws are a set of internal regulations created by the founders of a corporation to govern its operations and structure. These bylaws include member and shareholder powers, duties, meeting procedures, and officer indemnification.
The bylaws determine the entity’s internal management and operations and cover various aspects such as shareholder rights and voting power, types of stocks, meeting policies, officer appointments, and procedures for amending the bylaws.
Legal Requirements
Corporate bylaws are required in Massachusetts [1] .
- Annual Meetings – Regularly scheduled gatherings to discuss and make decisions on corporate affairs [2] . Adopted initially by the board of directors or incorporators.
- Corporate Bylaws – A set of rules and procedures established to govern the operations of a corporation [3] . Bylaws may contain any provision that is not inconsistent with state or federal law or the articles of incorporation.
- Issuance of Stock – The process of distributing shares of the corporation to investors, which represents ownership in the company [4] . Stock may be issued for any type of consideration as determined by the board of directors.
Naming Considerations
- Required Words: “Corporation,” “Incorporated,” “Company,” “Limited,” or an abbreviation of any of these.
- Prohibited Words: Language stating/implying that a corporation is organized for an impermissible purpose.
- Name Reservation Period: 60 days.
- Renewal Period: Renewable for one 60-day period upon payment of an additional $30 fee.
- Transferability: Yes.
Emergency Bylaws
Corporations have the authority to establish bylaws that come into effect in the event of a catastrophic occurrence. These bylaws aid in managing the corporation during the emergency period and operate alongside the existing general bylaws [5] .
