What is the purpose of having by-Laws in a non-profit corporation?
By-laws are an important and legally mandated document of corporate governance. They are the general rules and framework of a corporation. By-laws give an organization structure, insure continuity of the organization, delegate and determine financial and contractual powers for the organization, and establish relationships between and among directors, members, boards, committees, and other important groups. Unlike for-profit corporations, charitable non-profit corporations (such as Seed Savers Exchange) must explain their charitable purpose(s) in their by-laws. By-laws are to be concise, simple and brief. Only essential provisions should be included in by-laws, not specific procedures, policies or practices.
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- What is the purpose of having by-Laws in a non-profit corporation?