15 U.S.C. § 149 — Bylaws

(a) The bylaws of a China Trade Act corporation may set the time, place, and manner for calling and giving notice of stockholder and director meetings — both annual and special ones. They may also set how a quorum is determined for those meetings. (b) The bylaws may decide how many directors the company has, what qualifies someone to serve, how directors are chosen, how long they serve, and how much they're paid. But there is a hard floor the bylaws cannot go below: there must be at least three directors. And a majority of the directors, plus the president and the treasurer — or whoever holds those same roles under a different title — must be United States citizens who live in China for as long as they hold office. (c) The bylaws may set the process for calling for and collecting payment on shares of stock, the penalties and forfeitures for not paying, how stock certificates get prepared, how a sale or transfer of shares gets recorded, and how shares are represented at stockholders' meetings.