Section 7: Content of by-laws
106 words·~1 min read·
/ma/part-i/title-xxii/chapter-155/7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 7. Every corporation, except those governed by chapter one hundred and fifty-six, may by its by-laws, except as otherwise expressly provided, determine the manner of calling and conducting its meetings; the number of members which shall constitute a quorum; the number of shares which shall entitle the members to one or more votes; the mode of voting by proxy; the mode of selling shares for the payment of assessments; and the tenure of office of the several officers; and may annex suitable penalties to such by-laws, not exceeding twenty dollars for one offence; but no by-law inconsistent with law shall be made by a corporation.