Which of the following statements is true of corporate bylaws?
A)Corporate bylaws are a set of rules drawn up by the state to enable managers to run the firm in accordance with state laws.
B)Procedures for electing corporate directors are contained in corporate bylaws.
C)Procedures that govern changes in corporate bylaws are contained in the corporate charter.
D)To open their doors and start their operations, corporations are legally required only to file their bylaws with the appropriate agency in the state where they incorporate.
E)The declaration of the activities that a firm will pursue and the number of directors are included in the corporate bylaws.

Question

Quizplus · Accepted Answer

Corporate bylaws contain procedures for electing corporate directors. Option A is incorrect as corporate bylaws are drawn up by the corporation itself, not the state. Option C is incorrect as procedures for changing bylaws are typically included in the bylaws themselves, not the corporate charter. Option D is incorrect as corporations are required to file both their charter and bylaws with the state. Option E is incorrect as the declaration of activities and number of directors are typically included in the corporate charter, not the bylaws.

Which of the Following Statements Is True of Corporate Bylaws