An agreement among the owners of a business or the stockholders of a closed corporation to purchase, or to have the business or corby-law poration purchase, the interest or shares of any withdrawing or deceased owner or stockholder. See also continuation agreement. by-law (also bylaw) n. A rule or administrative provision adopted by an association, corporation, or other body, subordinate to the body's articles of incorporation, charter, or constitution, that regulates the body's self-governme...