Asked by Miranda Wilkerson on Jul 09, 2024
Verified
Under the Statutory Close Corporation Supplement to the MBCA, a close corporation must have bylaws on file with the office of the secretary of state or some other public office.
Bylaws
The rules and regulations enacted by an organization or community to provide a framework for its operations and management.
Secretary of State
A senior government official responsible for keeping official records and executing certain duties, varying by country or state, often involving foreign affairs or administrative tasks.
- Comprehend the juridical prerequisites and effects concerning corporate regulations, property rights, and financial responsibilities.
Verified Answer
CQ
Camryn QuickJul 09, 2024
Final Answer :
False
Explanation :
Under the Statutory Close Corporation Supplement to the Model Business Corporation Act (MBCA), there is no requirement for a close corporation to have its bylaws filed with the office of the secretary of state or any other public office. The bylaws are internal documents and do not need to be filed publicly.
Learning Objectives
- Comprehend the juridical prerequisites and effects concerning corporate regulations, property rights, and financial responsibilities.