§149 Bylaws

Summary

Bylaws must set the rules for stockholder and director meetings — when and where they happen, how to call and notice them, how they are run, and how to tell if enough people are present. They must also set the number, who can serve, how directors are chosen, how long they serve, and their pay; there must be at least three directors, and a majority of the directors and the president and treasurer (or their equivalents) must be U.S. citizens living in China during their terms. Bylaws must also explain how payments on shares are called and collected, penalties for nonpayment, how share certificates are made, how sales or transfers are recorded, and how shares are represented at meetings.