Your Corporate Bylaws will be governed by the laws of Michigan. Also, it will be tailored to meet the specific laws and regulations of Michigan.
Enter the number of days notice required. (e.g. 10, 25, etc.)
Enter the percent of outstanding shares present in person or represented by proxy, that will constitute a quorum entitled to take action with respect to a particular matter. (e.g. 60, 75, etc.)
Participating in a meeting by means of phone or video conferencing is the same as being present in person.
A voting trust is where Shareholders agree to give their voting shares to a third party (the trustee) who holds the shares and will vote the shares in accordance with a voting trust agreement.
Enter the number of Directors your corporation will have.
Enter the number of days notice required to hold a special meeting. If notice is to be delivered by mail or by private carrier then allow time for delivery. (e.g. 6, 10, etc.)
Enter the percent of Directors required to form a quorum. (e.g. 33.34, 50, 75, etc.)
Participating in a meeting by means of phone or video conferencing is the same as being present in person at the meeting. This option is typically allowed for directors.
Is the Director or officer disqualified where the Director or officer is in a direct conflict of interest with the Corporation in relation to a specific issue?
The Corporation may elect to lend money to Directors, officers, or employees where the loan could reasonably be expected to benefit the Corporation. For example, the Corporation might loan moving expenses in order to attract new employees.
Cumulative voting is used when Shareholders are electing Directors to the board.
Simple: president, treasurer and secretary.
Complex: president, chief executive officer, chief operating officer, chief financial officer, vice presidents.