Massachusetts Reduction in Authorized Number of Directors
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FAQ
The following are the Massachusetts requirements for directors of corporations: Minimum number. Corporations must have no fewer than three directors, unless there are two or fewer shareholders. In such case, there may be one or two directors.
Laws ch. 156D § 8.40. Section 156D:8.40 - Required officers (a) A corporation shall have a president, a treasurer and a secretary and such other officers described in its bylaws or appointed by the board of directors in ance with the bylaws.
All corporations with a corporate purpose of rendering professional services and services ancillary thereto within a single profession in the commonwealth are subject to the following information.
The Open Meeting Law defines a quorum as a simple majority of the members of a public body, unless otherwise provided in a general or special law, executive order, or other authorizing provision. G.L. c. 30A, § 18.
The law on merging lanes in Massachusetts as in other states is that you must stay within your lane of traffic and to not merge or move into an adjoining lane without first being reasonably sure it can be done safely.
Section 7.08 (iii) if any stockholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the corporation.
The shareholders own the company and they appoint the directors who in turn appoint the managers. When companies raise capital by attracting new investors, these new shareholders will, with the current shareholders, want to make sure that their interests are served by a competant board of directors.
Corporate bylaws are legally required in Massachusetts. The board of directors typically adopt initial bylaws at the first organizational meeting.