Bylaw
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A Bylaw (sometimes also seen as By-Law or ByLaw) is a rule governing the internal management of an organization, such as a business corporation. Bylaws cannot countermand governmental law.
In a business situation, bylaws are drafted by a corporation's founders or directors under the authority of its Charter or Articles of Incorporation. Bylaws widely vary from organization to organization, but generally cover topics such as how directors are elected, how meetings of directors (and in the case of a business, shareholders) are conducted, and what officers the organization will have and a description of their duties.
Bylaws generally can be amended by an organization's Board of Directors.
In the public law of some jurisdictions, bylaws are codes and regulations adopted by and governng matters within the purview of sub-state entities, such as parking, zoning, and retail business licensing. See: ordinance.
Examples
- Bylaws of the Wikimedia Foundation, Inc. (http://www.wikimediafoundation.org/bylaws.pdf) (PDF)
- Bylaws of Microsoft Corporation (http://www.microsoft.com/msft/governance/bylaws.mspx)