Final answer:
The correct answer is D) They do not have to be filed with any government official, as corporate bylaws are internal documents that govern the operations of a corporation and are binding on its directors and shareholders.
Step-by-step explanation:
The correct answer to the question of which of the following is true of corporate bylaws is D) They do not have to be filed with any government official. Corporate bylaws are a set of rules that govern the internal management of an organization. They cover topics such as the process for electing directors, the roles and responsibilities of officers, and how meetings are conducted.
Corporate bylaws are binding on the directors and shareholders of the corporation, which negates options C) as they are in fact binding. Options A) and B) are also incorrect as bylaws cover more than just interactions with the government and can be adopted by the board of directors in addition to shareholders.
Bylaws play a crucial role in outlining how decisions are made within the corporation, ensuring that the interests of the shareholders are taken into consideration by the board of directors. While it is the top executives who often select board candidates, shareholders do have a say through their voting rights, but often do not have the incentive to contest these candidates vigorously, thereby not reflecting the full extent of their potential influence in the corporation's governance.