Form with which the board of directors of a corporation accepts the resignation of a corporate officer.
Utah 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
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).
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.
Many governing documents provide that an officer may be removed by a majority vote of the board members, but that an elected board member may only be removed with a vote of the association membership.
To change the corporations officer or director information you must file the Statement of Information form. If changes occur between filing periods, you can just file a statement of information form to amend the previously filed statement. There is no fee to file an amended statement.
When comparing an officer vs. director, a director is the person who takes part in managing important business affairs, while officers oversee daily aspects of a business. Officers are also directly involved in the daily management affairs of the business.
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.
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 the rules of Cumulative Voting can be quite complex, the simple rule is that the shareholder or shareholders who control 51% of the vote can elect a majority of the Board and a majority of the Board may terminate an officer.
Removal of directors and officers is resolved by a vote of shareholders in a special meeting, by majority vote of the shareholders. Alternatively, a shareholders resolution, documenting in writing the decision made by shareholders, must be signed and placed in the corporation's minute book.
