Form with which the board of directors of a corporation accepts the resignation of a corporate officer.
Resign On Board In Minnesota
Category:
State:
Multi-State
Control #:
US-0005-CR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
The resignation need not be accepted by the board for it to be effective. In addition, the company will have to lodge a prescribed notice of the director's vacation of office (whether by resignation or otherwise) with the Registrar within one month of a person ceasing to be a director of the company.
Even after stepping down, a resigned director remains accountable for any offences committed during their term. A director can step down from their position by submitting a written resignation to the company. Upon receiving this resignation, the Board is required to acknowledge it formally.
Dear Members of the Board, I am writing to formally submit my resignation as Position on the Board of Directors of Company Name, effective Resignation Date. I am grateful for the opportunity to serve on the board and contribute to the company's vision and growth over the past length of time.
Normally, the Board could accept the resignation of a director, so until they actually accept the resignation via a motion to accept it (which also has to pass by a majority vote to take effect), a resignation can be withdrawn which means that it never happened and everyone just carries on.
Once the resignation is official, the board usually accepts it formally at a board meeting. The board can't rescind an official resignation without approval from the board. The board should hold off on nominating a replacement board member until the board accepts the resignation.
The resignation of a board member will most likely leave an imprint on the director, the rest of the board and possibly the organization as well. If you are resigning, it is usually best to be truthful about the reasons.
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