Mississippi corporate bylaws are made to govern both the behavior of corporate officers or directors and that of the entity itself. This is considered a legally required tool for running a corporation in Mississippi and will provide a detailed description of its operations, such as its profit distributions, stock information, and policies. Meanwhile, the board of directors will also be obliged to conduct their meetings according to the instructions and restrictions set by the bylaws.
The bylaws of a Mississippi corporation should be agreed upon by its incorporator(s) or by its board of directors (or officers) at the first board meeting and be kept up-to-date as the corporation evolves so that its behavior is always in compliance with its bylaws.
Is it REQUIRED in Mississippi?
Yes. Mississippi law (§ 79-4-2.06) requires that every corporation operates under a set of corporate bylaws that have been approved during the first board meeting.