Updated April 25, 2023
Maine corporate bylaws are policies put in place to govern the daily business operations and management structure of a corporation. Bylaws can determine the voting rights of shareholders, procedures for electing corporate officers and directors, methods of stock distribution, notice requirements for annual meetings, and plans for company dissolution. They can also assign responsibility to members in a committee for the purpose of handling special tasks such as research, finance, or fundraising.
Required in Maine? Yes (13-C §206(1))
Laws
Emergency Bylaws
A corporation may implement emergency bylaws to be applied to situations wherein a majority of the directors are unable to assemble. Emergency bylaws become void once the emergency ends (13-C §207).