• Annual Meetings –  Unless directors are elected by written consent, a corporation shall hold a meeting of shareholders annually at a time stated in or fixed in accordance with the bylaws.^[2]
• Corporate Bylaws – The incorporators or board of directors of a corporation shall adopt initial bylaws for the corporation. Provisions should comply with state law and the articles of incorporation.^[3]
• Issuance of Stock – The board of directors may issue shares for consideration for money, promissory notes, services performed, contracts for services to be performed, and other securities of the corporation.^[4]

The board of directors may adopt bylaws effective only in an emergency to manage procedures for calling meetings, quorum requirements for the meeting, and designation of additional or substitute directors. The emergency bylaws are no longer effective after the emergency, defined by the law as “some catastrophic event,” ends.^[5]