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People don’t usually think of bylaws as a corporate compliance requirement. But it isn’t really wrong to think of bylaws in that way. The corporation statutes not only require corporations to have bylaws, they require them to keep a copy, and to provide it to any shareholder requesting an inspection. And while the board of directors and/or shareholders have broad discretion in deciding what the bylaws should provide, there are two common statutory restrictions – a bylaw provision cannot conflict with a provision in the articles of incorporation and it cannot violate the law.
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