Required in Alabama?
Yes, the incorporators or board of directors shall adopt initial bylaws for the corporation.[1]
Laws
- Annual Meetings – Annual meetings must be conducted at a time and place in accordance with the certificate of incorporation or bylaws.[2]
- Organization of Corporation – After creating a corporation, the initial directors must hold an organizational meeting to appoint officers, adopt the bylaws, and carry out any other business matters.[3]
- Issuance of Stock – The board of directors can issue stock in one or more transactions.[4] If stock is issued, it must include the maximum number of shares, a time period when stock is issued, and a minimum amount of consideration for which stock may be issued.[5]
Emergency Bylaws
Emergency bylaws are allowed to be used only during a “catastrophic event” to call a meeting and administer business duties. After the catastrophic event has ended, the standard bylaws will take precedence.[6]