Q933
Set of rules made by corporation founders such as directors election procedure are classified as
A.
stock laws
B.
by laws
AnswerC.
liability laws
D.
corporate laws
Answer: Option B
Solution
Answer: Option B
Solution:
Set of rules made by corporation founders such as directors election procedure are classified as by laws. Corporate bylaws (sometimes spelled "by-laws") are the rules of a corporation, established by the board of directors during the process of starting a corporation. When a corporation is formed (a process called incorporation), one of the first tasks of the new corporation is to have corporate bylaws formed.