Maine corporate bylaws should document the regulations that a corporation’s board of directors and officers must follow when determining its actions. Here, the governing parties of the corporation, such as its board members, will be listed with other defining factors such as the corporation’s tax status, mission, stock availability, and overall policies.
Maine corporations will usually have decided upon their bylaws at the first board of directors meeting where they are voted into effect. Once done, the bylaws should be kept accessible and reviewed periodically since they must be kept current.
Is it REQUIRED in Maine?
Yes. As per Chapter 2 of Title 13-C; Maine Business Corporation Act, Maine corporations will be expected to pass and adhere to their bylaws to function and conduct business in this state.
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