Provincial Not for Profit Corporation Bylaws Ontario Single Membership Class
As soon as possible after incorporation, a corporation must adopt a set of rules concerning the governance and operations of a corporation. These rules are set out in the by-laws of the corporation.
Examples of issues that can be dealt with in by-laws include:
- the date of a corporation’s financial year-end
- the process and special requirements for banking arrangements
- the qualification requirements for memberships
- the process for appointing officers, as well as the rules regarding their qualifications and duties
- the procedures for calling and conducting directors’ and members’ meetings
- the minimum number of directors and members required to establish quorum at meetings
- the process for amending by-laws
- the rules limiting the modifications that can be made to the powers given to directors.
The sample bylaws below cover all of the most important items in corporate governance, without being overly technical.