Which of the following statements is most correct?
a. The corporate bylaws are the set of rules drawn up by the state to enable managers to run the firm in accordance with state laws.
b. Procedures for electing corporate directors are contained in bylaws while the declaration of the activities that the firm will pursue and the number of directors are included in the corporate charter.
c. Procedures which govern changes in the by laws of the corporation are contained in the corporate charter.
d. Although most companies design a charter, only the bylaws are legally required to be filed with the secretary of state in order for a corporation to be in official existence.
e. None of the statements above is correct.© BrainMass Inc. brainmass.com March 4, 2021, 6:05 pm ad1c9bdddf
From Corporate charter and bylaws Answer: b is ...
The solution presents the answer together with a short explanation.