Illinois corporate bylaws act as a set of detailed guidelines that corporate officers and directors agree to govern a corporation under. Corporations in Illinois must pass their bylaws by the first shareholder meeting or the first directors meeting. If the board of directors is unable to implement the corporate bylaws during the first meeting then the shareholders will be legally required to do so during their first meeting (and vice-versa).
Bear in mind, these bylaws must be kept up-to-date at all times since Illinois government agencies obligate an entity’s directors and shareholders to conduct business to the bylaw provisions that are in effect at the time
Is it REQUIRED in Illinois?
Yes. Illinois law (§805 ILCS 5/2.20) requires either the board of directors or the shareholders pass the corporate bylaws at their first meeting.
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