• Annual Meetings – An annual meeting of the shareholders must be held at a time and place as provided in the bylaws.^[2]
• Corporate Bylaws – The initial bylaws of a corporation must be adopted by the board at its organization meeting. The board can make, alter, or repeal bylaws thereafter unless this power is reserved for the shareholders in the certificate of incorporation. ^[3]
• Issuance of Stock – Each corporation has the power to create and issue the number of shares stated in its certificate of incorporation^[4]

Emergency bylaws may be formulated by the board of directors to become effective only upon an emergency affecting the corporation’s business affairs. An emergency situation is defined as an attack on the country or a nuclear or atomic disaster. The emergency bylaws will cease to be effective after the emergency has ended.^[5]