Rhode Island Unanimous Action of Shareholders Increasing the Number of Directors
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FAQ
Save as otherwise expressly provided in the Act, a resolution in writing signed by all the members of the Board or a Committee thereof , for the time being entitled to receive the notice of the Board or Committee , shall be as valid and effectual as if it had been passed at a meeting of the Board or Committee, duly
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. This process is complicated somewhat by the notice requirements set out in statute.
A shareholder resolution is a 500 word request submitted to a company by a shareholder asking the company to address an issue of concern. Resolutions are a powerful way to encourage corporate responsibility and discourage practices that are unsustainable, unethical, or increase exposure to risk.
Transactions with directorsShareholder approval is also required where a company is proposing to give a guarantee or provide security in connection with a loan made by any person to such a director.
A company must always act in the stockholders' best interest by making sure its decisions enhance shareholder value. Stockholders do not have a say in the day-to-day management of a company, but their collective presence as company owners puts constant pressure on company management.
Can shareholders remove a director? As mentioned above, shareholders can remove a director before the expiration of his or her period of office by way of an ordinary resolution. However, written resolutions cannot be used to remove a director, the voting must take place at an actual general meeting of the shareholders.
The unanimous shareholder agreement allows shareholders, under corporate law, to restrict or withdraw, in whole or in part, the decision-making powers of directors. Unlike "regular" shareholder agreements, unanimous agreements automatically apply to any new shareholder of the corporation.
However, shareholders do have some power over the directors although, to exercise this power, shareholders with more that 50% of the voting powers must vote in favour of taking such action at a general meeting. One of the main powers that the shareholders have is to remove a director or directors.
A unanimous shareholder agreement ("USA") is a specific type of shareholder agreement that (i) is signed by all shareholders at the time it is first signed; (ii) binds future shareholders whether or not they sign; and (iii) removes, in whole or in part, the duties and powers from the directors of the corporation to the
Shareholders make decisions by passing resolutions. An ordinary resolution requires majority approval (eg over 50%) and a special resolution requires 75% approval.
