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Corporate Bylaws review

Bylaws of a Delaware (or MBCA-modeled) corporation.

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What it checks

Bylaws adoption / amendment authority stated

Bylaws must state who may adopt and amend them (board, stockholders, or both) per DGCL § 109 / MBCA § 10.20.

Critical · GOV-001

Annual meeting of stockholders specified

Bylaws must designate the time / place / mode of the annual meeting of stockholders (DGCL § 211; MBCA § 7.01).

Critical · GOV-002

Special meeting call right specified

Bylaws should state who may call a special meeting of stockholders (DGCL § 211(d); MBCA § 7.02).

Warning · GOV-003

Notice of meetings provisions

Bylaws must set notice timing for stockholder meetings (DGCL § 222; MBCA § 7.05).

Critical · GOV-004

Quorum for stockholder meetings

Bylaws must state the quorum required for stockholder meetings (DGCL § 216; MBCA § 7.25).

Critical · GOV-005

Directors — number, election, term

Bylaws must specify the number of directors, election procedure, and term (DGCL § 141; MBCA § 8.03).

Critical · GOV-006

Directors — removal and vacancies

Bylaws should address director removal and vacancy filling (DGCL §§ 141(k), 223; MBCA §§ 8.08, 8.10).

Critical · GOV-007

Indemnification of directors and officers

Bylaws should provide for indemnification of D&O to the fullest extent of DGCL § 145 / MBCA § 8.50.

Critical · GOV-008

Officers — designation

Bylaws must designate officers and their authority (DGCL § 142; MBCA § 8.40).

Critical · GOV-009

Stock certificates / uncertificated shares

Bylaws should address the form of shares — certificated or uncertificated (DGCL § 158).

Warning · GOV-010

Exclusive-forum bylaw — federal-claims overreach

A Delaware exclusive-forum provision should not designate Delaware courts for federal securities claims: Salzberg v. Sciabacucchi (Del. 2020) upheld charter provisions requiring Securities Act claims to be brought in federal court, not Delaware-forum provisions for those claims.

Warning · GOV-011

Books and records inspection right

Bylaws should acknowledge the DGCL § 220 stockholder inspection right or its MBCA § 16.02 equivalent.

Warning · GOV-012

Every run also applies 114 general checks that belong to any agreement: structure, parties and signatures, defined terms, cross-references, dates, amounts, and one-sided terms.

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