Bylaws: Adoption

Every corporation formed under this Part must, within one

(1)month after the filing of articles of incorporation with the Director of Revenue and COL070307 CH. 2 FORMATION OF CORPORATIONS Taxation, adopt a code of bylaws for its government. These bylaws shall be consistent with its articles of incorporation and shall not be inconsistent with the provisions of this Part or other provisions of law. For the adoption of any bylaw or bylaws by the corporation, the affirmative vote of the stockholders representing a majority of all the paid-up capital stock, entitled to vote, or a majority of the members if there be no capital stock, is necessary. The bylaws shall be signed by the stockholders or members voting for them and shall be kept in the principal office of the corporation, subject to the inspection of the stockholders or members during office hours and a copy thereof, duly certified to by a majority of the directors and countersigned by the secretary of the corporation, shall be filed with the Director of the Revenue and Taxation, who shall attach the same to the original articles of incorporation and charge a fee of Seventy-five Dollars ($75.00) for the filing thereof.