Bylaws Law and Legal Definition

Bylaws are rules that lay down the internal rules of a corporation. Bylaws typically state the rights, duties and liabilities of the members of the corporation, as well as the rules relating to transferring and selling shares. Bylaws will also typically discuss the roles of the Board of Directors and corporate officers of a corporation. Bylaws are usually enacted by the initial Board of Directors or the incorporator(s) of the corporation and may be amended from time to time by the Board of Directors.