QUESTION
If by-laws state that they are in effect for a term of 30 years than are they no longer valid at the end of the 30 years?
Asked on Jan 23rd, 2016 on Estate Planning - Michigan
5 ANSWERS
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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The corporate entity must operate using some kind of bylaws. If they have expired then a replacement should have been approved. The approval could be continuation of action under the bylaws. The existing board could ratify the continuation.
Answered on Feb 02nd, 2016 at 11:30 AM
Yes, but the HOA will revise the by-laws before they expire.
Answered on Feb 02nd, 2016 at 3:42 AM
Yes, that would generally be the case. There may be some exceptions established by the state in the law the company is registered.
Answered on Feb 02nd, 2016 at 3:42 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Yes, if the by-laws have expired then the organization would be controlled by the state law for organizations without by-laws.
Answered on Feb 02nd, 2016 at 3:41 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Perhaps, some organizations have limited lives.
Answered on Feb 02nd, 2016 at 3:41 AM