• Annual Meetings – A corporation must hold an annual meeting for shareholders to elect its board of directors in accordance with the bylaws.^[2]
• Corporate Bylaws – The directors or incorporators must adopt the initial set of bylaws, containing any provision for managing the business and regulating the corporation’s affairs consistently with law or the articles of organization.^[3]
• Issuance of Stock – The board of directors may issue shares for consideration consisting of any tangible or intangible property or benefit to the corporation.^[4]

Corporations are permitted to adopt bylaws that become effective upon the occurrence of a catastrophic event. These bylaws help manage the corporation for the duration of the emergency and run concurrently with the general bylaws already established.^[5]