Which of the following statements is correct?
A) The corporate bylaws are the 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 bylaws while the declaration of the activities that the firm will pursue and the number of directors are included in the corporate charter.
C) Procedures which govern changes in the bylaws of the corporation are contained in the corporate charter.
D) Although most companies design a charter,only the bylaws are legally required to be filed with the secretary of state in order for a corporation to be in official existence.

Question

Quizplus · Accepted Answer

The statement correctly describes the contents of corporate bylaws and corporate charter. Procedures for electing corporate directors are contained in corporate bylaws, while the declaration of the activities that the firm will pursue and the number of directors are included in the corporate charter. The other statements in options A, C, and D are incorrect.

Which of the Following Statements Is Correct