Indiana Unanimous Written Action of Shareholders of Corporation Removing Director
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FAQ
Section 168(1) of the Act states that the shareholders can remove a director by passing an ordinary resolution at a meeting of the company.
The resolution to remove the director is passed by a simple majority (i.e. anything over 50%) of those shareholders who are entitled to vote, voting in favour.
(a) Subject to subdivisions (b) and (f), any or all directors may be removed without cause if: (1) In a corporation with fewer than 50 members, the removal is approved by a majority of all members (Section 5033). (2) In a corporation with 50 or more members, the removal is approved by the members (Section 5034).
Removal of Directors. At a meeting of shareholders called expressly for that purpose, any director or the entire Board of Directors may be removed, with or without cause, by a vote of the holders of a majority of the shares then entitled to vote at an election of directors.
The governing body of a corporation elected by the stockholders. The board of directors (board) is composed of one or more members (commonly referred to as directors), usually a mix of insiders of the company (such as officers and stockholders) and outsiders (non-company persons) each of whom is a natural person.
Stockholders own shares in companies, which makes them collective owners. They elect a board of directors to lead their companies and look out for their investment interests. Boards have a legal responsibility to govern on behalf of the stockholders and help companies prosper.
Corporate officers are elected by the board of directors. Their job is to manage the daily activities of the corporation. Officers can sit on the board of directors. In fact, it is common for the CEO to also be a director.
In a public corporation, the board is elected by the shareholders. Selecting the board of directors in a startup company where there are no shareholders can be done by the President or CEO of the business.
A corporation is managed by directors and officers. Directors act as a group known as a board of directors. The board of directors is the corporation's governing body. It manages the corporation's business and affairs and has the authority to exercise all of the corporation's powers.
REMOVAL BY THE MEMBERSHIP.The membership always has the right to remove directors from the board. If an association's governing documents provide for cumulative voting, removing less than the entire board is more complicated because a minority of voters can block the recall even if a majority of voters approve it.