Utah Unanimous Consent of Shareholders in Place of Annual Meeting
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FAQ
A shareholder right to act by written consent is one method to equalize our limited provisions for shareholders to call a special meeting. Delaware law allows 10% of shareholders to call a special meeting.
Under current Section 312.03(b), shareholder approval is required when a company sells shares to a related party if the amount to be issued exceeds 1% of the number of shares or voting power outstanding before issuance.
Shareholder action by written consent refers to corporate shareholders' right to act by written consent instead of a meeting. This type of consent avoids some of the negative characteristics of shareholder meetings.
Written Consents are internal documents that are often used by directors in a corporation, or members or managers in a limited liability company (LLC), to grant consent to a decision or action, in writing.
Any action required or permitted to be taken at a Members' meeting may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the Members. The written consent or consents shall be delivered to the Company for inclusion in its minutes. Sample 1.
The Quorum Requirement The number of shareholders that constitute a quorum is defined by state law. Most states require by default that more than 50% of the corporation's shares be represented at the meeting in order for there to be a quorum.
A Shareholders' Consent to Action Without Meeting, or a consent resolution, is a written statement that describes and validates a course of action taken by the shareholders of a particular corporation without a meeting having to take place between directors and/or shareholders.
A consent resolution is a written corporate resolution that has been signed by a director or shareholder. By signing, the director or shareholder consents to the adoption of the resolution as if the resolution had been formally presented or approved by the board or the shareholders.
Under Utah law, corporations are not required to adopt bylaws. However, they can be very helpful and are viewed by some as necessary.
