Arizona Board Member Agreement

State:
Multi-State
Control #:
US-ENTREP-0022-5
Format:
Word; 
Rich Text
Instant download

Description

Under wellestablished principles of nonprofit corporation law, a board member must meet certain standards of conduct and attention in carrying out his or her responsibilities to the organization. Several states, in fact, have statutes adopting some variation of these duties that would be used in court to determine whether a board member acted improperly. These standards are usually described as the duty of care, the duty of loyalty, and the duty of obedience.
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FAQ

A board of directors agreement is an agreement that outlines the roles and responsibilities of the members of the board of directors of a company and secures membership of a new board member. The agreement isn't a legal document, but it does assert a new member's commitment to the organization.

Typically, you'll have to follow these basic steps when adding a new board member: Hold a meeting of the board of directors. Draft a resolution to add a member. Make sure you have a quorum (the minimum number of directors who must be present to hold an official vote, which should be specified in your bylaws)

Board member contracts are not mandatory, although having them in place is best practice and can help ensure Board members are aware of their responsibilities, what is expected of them, and what they expect from the organization to enable them to more effectively lead.

Typically, you'll have to follow these basic steps when adding a new board member: Hold a meeting of the board of directors. Draft a resolution to add a member. Make sure you have a quorum (the minimum number of directors who must be present to hold an official vote, which should be specified in your bylaws)

For a smaller board, the process often involves being interviewed, whereas larger organizations tend to have a more formalized review before nominating someone for a seat. In publicly traded companies, board members are approved by shareholders at the recommendation of management.

Typically, a document that includes an offer, acceptance, and appropriate consideration will be considered legally binding. In most cases, a contract is binding in Arizona even if the parties signed it in another state. Depending on the situation, it is best to consult a lawyer who has experience in contract law.

For-profit boards typically use a Nominating and Governance Committee (NGC) for nominating potential board members. This group is typically made up of current board members, although it may also include representatives chosen by major shareholders.

The answer to this question depends on the specific organization's articles of incorporation and bylaws. If the articles or bylaws do not specifically prohibit family members from serving on the board, then they can legally serve on the board.

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Arizona Board Member Agreement