Virginia corporate bylaws must clearly state the guidelines for a corporation’s meetings (i.e. board meetings, quorums, ad hoc meetings) with the identities of the corporate officers that determine the entity’s actions. If the company will offer stock, then the Virginia corporate bylaws should discuss the details of such stock and the shareholder rights that come with it.
Once these provisions as well as those that define the corporation’s operations and status have been successfully adopted by the board of directors, they should be stored privately until needed. A corporation’s bylaws in Virginia may be requested for basic financial procedures and even government offices thus necessitating that they are updated and kept compliant with the law.
Is it REQUIRED in Virginia?
Yes. The State of Virginia requires corporations to adhere to § 13.1-624 by approving their corporate bylaws in a timely manner by completing this action during the first board meeting.
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