Corporate Bylaws Template Page 10
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12the conditions and limitations imposed by the State of incorporation. The
stock transfer books may be closed for the payment of dividends during
such periods of not exceeding fifty days, as from time to time may be fixed
by the Board of Directors. The Board of Directors, however, without closing
the books of the corporation, may declare dividends payable only to
holders of record at the close of business, on any business day not more
than fifty days prior to the date on which the dividend is paid.
6.2
Reserves: Before making any distribution of earned surplus, there may be
set aside out of the earned surplus of the corporation such sum or sums as
the directors from time to time in their absolute discretion deem expedient
dividends, or for maintaining any property of the corporation, or for any
other purpose, and earned surplus of any year not set apart until otherwise
disposed of by the Board of Directors.
6.3
Depositories: The moneys of the corporation shall be deposited in the
name of the corporation in such bank or trust company or trust companies
as the Board of Directors shall designate, and shall be drawn out only by
check or other order for payment of money signed by such persons and in
such manner as may be determined by resolution of the Board of Directors.
ARTICLE 7
Notices
Except as may otherwise be required by law, any notice to any shareholder or
director may be delivered personally or by mail. If mailed, the notice shall be
deemed to have been delivered when deposited in the United States mail,
addressed to the addressee at his last known address in the records of the
corporation, with postage thereon prepaid.
ARTICLE 8
Seal
The corporate seal of the corporation shall be in such form and bear such
inscription as may be adopted by resolution of the Board of Directors, or by
usage of the officers on behalf of the corporation. The procurement of a
corporate seal shall be discretionary only, and is not required.
ARTICLE 9
Books and Records
The corporation shall keep correct and complete books and record of accounts
and shall keep minutes of the proceedings of its shareholders and Board of
Directors, and shall keep at its registered office or principal place of business, or
at the office of its transfer agent or registrar, a record of its shareholders, giving
the names and addresses of all shareholders and the number and class of the
Corporate Bylaws - 10
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Parent category: Business