Form with which the board of directors of a corporation accepts the resignation of a corporate officer.
Ohio Resignation of Officer or Director and Acceptance - Corporate Resolutions
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State:
Multi-State
Control #:
US-0005-CR
Format:
Word;
Rich Text
Instant download
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How to fill out Resignation Of Officer Or Director And Acceptance - Corporate Resolutions?
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FAQ
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.
While shareholders can elect directors, normally annually, they can not remove an officer. Only the Directors can.
You may also want to resign if there is a change of control of the company. In order to resign, company directors must follow all of the relevant rules and procedures set out in various agreements, as well as ensuring that Companies House is informed.
If one of the corporate officers ceases to be part of the business, the others must request the change through an amendment form. The amendment form is available at the state level, and often at the city level as well.
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The first step in resigning as an officer of the company is to read any contracts or agreements you signed and the bylaws of the company. Look for a termination clause or verbiage. Even if you are a volunteer board member of a nonprofit company, you may have agreed to a specific resignation process.
You simply resign. Submit a written statement to the board of directors informing them of your resignation and its effective date. Resigning won't cut off anyone's right to try and sue you for wrongful acts you committed while you were an officer.
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.
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.
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).
