Form with which the board of directors of a corporation accepts the resignation of a corporate officer.
Arizona Resignation of Officer or Director and Acceptance - Corporate Resolutions
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Multi-State
Control #:
US-0005-CR
Format:
Word;
Rich Text
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How to fill out Resignation Of Officer Or Director And Acceptance - Corporate Resolutions?
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FAQ
To change the corporations officer or director information you must file the Statement of Information form. If changes occur between filing periods, you can just file a statement of information form to amend the previously filed statement. There is no fee to file an amended statement.
Remove directors from the board. The shareholders can vote to remove directors from the board before their terms expire, with or without cause, unless the corporation has a staggered board. The shareholders can then vote to replace the directors they removed.
How to Write a Corporate Resolution FormDate and place of the vote on the resolution.Effective date of the resolution if the resolution is approved.Name of the company and the state in which the company is incorporated.More items...?22-Dec-2020
Basically, the removal of a director should only be done when absolutely necessary. However, the reasons for doing so are up to the corporation's other directors and shareholders. If a director has failed his or her fiduciary duty in some way, then he or she should be removed from the board.
A director can resign at any time as a director by giving notice to that effect. Unless there is a provision to the contrary in the corporation's By-Laws, a director's resignation can be oral (i.e., he/she can resign verbally during a board of directors' meeting).
While shareholders can elect directors, normally annually, they can not remove an officer. Only the Directors can.
Officers are appointed by the board of directors to run the day-to-day operations of the corporation. Commonly, and by law in many states, a corporation will have at least three officers: (1) a president, (2) a treasurer or chief financial officer, and (3) a secretary.
Note: The California Corporations Code prohibits any amendment of Articles of Incorporation altering the statement of the name and address of the initial agent for service of process.
Call a special meeting when you want to change the board of directors before the term has ended. Give all shareholders notice of the meeting. The notice must include the place at which the meeting will be held, the time and date of the meeting, and the purpose for which you called the meeting.
To remove an officer, a corporation must obtain a majority vote of the shareholders. It is recommended that members show just cause for the removal of the officer. As a general rule, officers have a fiduciary duty to act in good faith, and exercise due diligence when making business decisions for the company.
