📜 Articles of Incorporation.
Institutional Council Corporation.
Article I – Name
The name of the corporation is:
[Insert Name], Institutional Council Corporation (“IC Corp”).
Article II – Duration.
The duration of the corporation is perpetual.
Article III – Purpose
This corporation is organized under the [State] Institutional Council Corporation Act to engage in any lawful act or activity for which corporations may be organized.
Article IV – Council of Directors.
- The business and affairs of the corporation shall be managed by a Council of Directors.
- The number of Directors shall be not fewer than 1 and not more than 20.
- If only one Director serves, such Director shall exercise the full powers of the Council.
- As additional Directors are added, all Directors shall share authority equally.
- No President, Vice President, or Chief Executive Officer shall exist within this corporation.
Article V – Shares
- The corporation is authorized to issue [Insert Number] shares of Council Stock.
- Holders of Council Stock shall have the right to vote on proposals as defined in the Bylaws, but shall not have the right to elect or remove Directors.
Article VI – Incorporators
The name and address of the incorporator(s) are:
Article VII – Registered Office and Agent
The registered office of the corporation in [State] is:
- [Insert Address]
The registered agent at that address is:
- [Insert Name].
Article VIII – Limitation of Liability.
No Director shall be personally liable to the corporation or its shareholders for monetary damages, except as required by law.
Executed this [Day] of [Month], [Year].
[Name of Incorporator].
📘 Bylaws (Revised).
Institutional Council Corporation.
Article I – Council of Directors.
- Authority: All corporate powers are vested in the Council of Directors.
- Number: The Council shall consist of not fewer than 1 and not more than 20 Directors.
- Voting:
- If only one Director serves, that Director’s decision constitutes the act of the Council.
- If two or more Directors serve:
- Standard business requires a majority vote.
- Extraordinary matters (merger, dissolution, amendments) require two-thirds (2/3).
- Facilitator: The Council may appoint a meeting Facilitator by simple majority; this role has no additional authority.
- Terms: Directors shall serve 3-year terms and may be reappointed.
- Selection: Directors are selected by Council vote; shareholders shall not elect Directors.
Article II – Officers
- The corporation shall not have a President, Vice President, or CEO.
- The Council may appoint officers such as Secretary and Treasurer to perform administrative functions.
- Officers serve at the pleasure of the Council and do not hold executive authority.
Article III – Shareholders
- Rights: Shareholders may:
- Submit proposals to the Council.
- Vote on proposals advanced by the Council.
- Receive dividends as determined by the Council.
- Limitations: Shareholders shall not elect Directors, remove Directors, or alter the composition of the Council.
Article IV – Proposals and Voting
- Submission: Any shareholder may submit a proposal in writing to the Council.
- Review: The Council must review all proposals within 90 days.
- Approval: If approved by the Council, proposals are submitted to shareholders.
- Voting Thresholds:
- Standard proposals: majority of votes cast.
- Extraordinary proposals (merger, dissolution, amendments): two-thirds (2/3) of votes cast.
Article V – Transparency
- The Council shall publish the record of all votes to shareholders within 30 days of each meeting.
- The corporation shall provide shareholders with an annual report including:
- Names of current Directors.
- Major decisions and vote tallies.
- Financial statements.
Article VI – Amendments
These Bylaws may be amended upon:
- Approval by two-thirds (2/3) of the Council, and
- Approval by two-thirds (2/3) of shareholder votes cast through the proposal system.