Corporations by Laws Law and Legal Definition
The by-laws of a corporation or other entity are its rules and regulations. Bylaws are in effect a contract among members and must be formally adopted and/or amended. They usually specify the number and respective duties of directors and officers and govern how the business is run. The exact requirements governing by-laws are determined by state law.
The charter creating the corporation usually grants the power to make by-laws in certain persons named, though, when not expressly granted, it is given by implication to the members of the corporation at large, because of the necessity to the existence of a corporation.