BYLAWS (not frequently tested)
1) Must a corporation have bylaws (BL)?
2) If the BL are inconsistent with the Certificate of Incorporation, which prevails?
3) Who adopts intial BL?
4) Who can amend, repeal, or adopt new BL?
5) May the BOD ever amend, repeal, or adopt new BL?
1) NO--adopting BL are optional
2) CERTIFICATE OF INCORPORATION prevails in a conflict with the BL
3) INCORPORATORS adopt the initial BL (at the organziational meeting)
4) SHs can amend, repeal, or adopt new BL
5) BOD may amend, repeal, or adopt new BL ONLY IF the certificate or a SH BL allows it (but event then, the SHs can modify or repeal ANY BOD-adopted BL)