Form with which the board of directors of a corporation accepts the resignation of a corporate officer.
South Carolina 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
Reasons to Remove a Director Some common reasons for director removal include: Frequently missed board meetings or committee meetings. Causing problems with the CEO or other executive officers by micromanaging or otherwise. Disclosing confidential or sensitive information about the corporation to unauthorized persons.
Yes. The procedure under the Companies Act 2006 applies notwithstanding any agreement between the company and the director, so if the director is also an employee of the company, the fact that he or she has a service agreement with the company will not prevent him or her from being removed as a director.
This right is held under section 168 of the Companies Act 2006, which provides that shareholders of a company can remove a director by passing an ordinary resolution (i.e. a majority vote of above 50%) at a general meeting of the company.
A director holds office at the wish of the shareholders. He or she can be removed by passing an ordinary resolution at a meeting of the shareholders. The meeting need give no reason.
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.
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).
Can you remove a company director without their consent? Yes, you can remove a company director without their consent.
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.
Section 303 of the California Corporations Code generally permits removal of any or all of the directors without cause if the removal is "approved by the outstanding shares" (defined in Section 152).
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.
