Washington Reduction in Authorized Number of Directors
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How to fill out Reduction In Authorized Number Of Directors?
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FAQ
An outside director is a member of a company's board of directors who is not an employee or stakeholder in the company. An inside director is a board member who is an employee, officer, or direct stakeholder in the company.
Removing a director is a simple procedure that generally requires the approval of a majority of votes represented at a special meeting of shareholders called for the purpose of removing the director.
Links to important legal resources hosted by the State of Washington are below, including the Revised Code of Washington (RCW), which is the codification of laws enacted by the Washington State Legislature, the Washington Administrative Code (WAC), which is is the codification of regulations adopted by Washington State ...
The resolution to remove the director is passed by a simple majority (i.e. anything over 50%) of those shareholders who are entitled to vote, voting in favour.
A director may be removed by shareholders at a meeting called to remove him or her, when notice of the meeting states that the purpose or one of the purposes is to remove him or her, if there is a failure to fulfill one of the affirmative requirements for qualification, or for cause, provided that, however, a director ...
Director removal is permitted under New Washington Statutes Annotated 77-11-22 in the ways specified in the section. By a vote of the owners of a majority of the shares then eligible to vote in an election of directors, any director or the entire board of directors may be removed, with or without cause.
Among other things, Washington law gives minority shareholders the right to inspect certain corporate records. Minority shareholders also have the right to bring a suit on behalf of the company under circumstances where the controlling shareholders can't or won't bring one (a ?derivative? lawsuit).
The Revised Code of Washington (RCW) is a compilation of all permanent laws now in force. It is a collection of Session Laws arranged by topic, with amendments added and repealed laws removed. It does not include temporary laws such as appropriations acts.