If in doubt, race officials should halt the race and form a protective area around the scene of the accident. Corporate bylaws define a corporation's purpose, how it will operate, and the duties and responsibilities of the people who own and manage it. They also let you specify shareholder ownership rights, select officers and directors, plan annual meetings, and establish how to remove officers or directors. Corporate bylaws also describe how stock is issued by the corporation. Corporate bylaws are sometimes called corporation bylaws, company bylaws, or a bylaws template. However after being paid off last December I felt I had Limited work ability and applied for ESA. To cut short the Tribunal say they are independent!! After any changes are approved, they can be officially documented and your written bylaws can then be updated. Your bylaws are a product of your business' size and complexity; however, there are some basics that most businesses will cover.