Form with which the board of directors of a corporation accepts the resignation of a corporate officer.
Illinois Resignation of Officer or Director and Acceptance - Corporate Resolutions
Category:
State:
Multi-State
Control #:
US-0005-CR
Format:
Word;
Rich Text
Instant download
Description
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.
Any officer or agent may be removed by the board of directors whenever in its judgment the best interests of the corporation will be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.
Make your fellow directors aware of your intention to resign. You will need to check your employment contract or service agreement for any notice period required, and then formally notify the company in writing.
Applicants must update their officer/ownership information with the Illinois Department of Revenue by calling the Central Registration Division in Springfield at 217 785-3707.
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.
As a resigning director, you'll need to consult your directors service agreement to ensure you comply with any notice periods or clauses such as restrictive covenants. Your resignation letter should state your intention to resign and advise that you will be ceasing to act as a director at a specific date in the future.
Corporate bylaws typically outline the procedure for removing an officer. This may involve calling a board of directors meeting and then holding a vote for removal.
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).
