This is not a substitute for legal advice.  An attorney must be consulted.

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The ByLaws of a corporation are the rules and regulations of the corporation which set out the rights of the shareholders and the benefits of stock ownership. A set of ByLaws should be in place in order for each of the shareholders to understand their rights, as well as the rights of the various board members and officers.  It is recommended that the ByLaws be active at the time of the Organizational Meeting.