C. A rule or administrative provision adopted by an organization for its internal governance and its external dealings.
Listen
to pronunciationLegal Definition -
A rule or administrative provision adopted by an organization for its internal governance and its external dealings. -- Although the bylaws may be an organization's most authoritative governing document, they are subordinate to a charter or articles of incorporation or association or to a constitution. The "constitution and bylaws" are sometimes a single document.
Black's Law Dictionary® Eighth Edition © 2004
Current Usage -
GM changes bylaws to speed board decisions, oversight
Robert Snell / The Detroit News
DETROIT --General Motors Corp. has amended its bylaws to allow directors to hold special meetings with less than 24 hours notice, a change that comes as the automaker rushes to meet rules for spending an initial $9.4 billion in federal loans and avoid financial collapse.
In recent months, as the automaker's financial troubles have mounted, the board has kept closer tabs on the company, with regular meetings and weekly conference calls.
GM's board holds regular monthly meetings but also has been conducting several meetings a week recently to monitor the automaker's negotiations to secure emergency federal loans. As part of conditions to secure the funds, GM management is expected to begin talks in coming weeks with bondholders, U.S. union leaders, dealers and suppliers over near-term restructuring moves it plans to undertake. The plan requires GM to submit a viability plan to an administrator designated by the president by Feb. 17, 2009.
Read More...