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  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE XXII CORPORATIONS
  • CHAPTER 172 TRUST COMPANIES
  • Section 11 By-laws

Section 11. Such corporation may adopt by-laws for the proper management of its affairs and as appropriate to exercise all powers necessary, convenient or incidental to the purposes for which the corporation was formed. It may also establish regulations controlling the assignment and transfer of its shares. A majority in interest of the stockholders entitled to vote shall constitute a quorum at any meeting unless the by-laws require more than a majority. A copy of the by-laws and a copy of any regulations established hereunder shall be transmitted to the commissioner. A copy of any change in or amendment to any by-law or regulation shall be transmitted to the commissioner immediately after adoption. To all copies there shall be appended a written statement, signed by the clerk or secretary and the president, declaring that the copies are true and correct. The statement shall contain a declaration that it is made under the penalties of perjury. Said copies shall be kept in a suitable place by the commissioner and shall be competent evidence in all cases, equally with the originals thereof.