Form with which the board of directors of a corporation accepts the resignation of a corporate officer.
Virginia Resignation of Officer or Director and Acceptance - Corporate Resolutions
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Multi-State
Control #:
US-0005-CR
Format:
Word;
Rich Text
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How to fill out Resignation Of Officer Or Director And Acceptance - Corporate Resolutions?
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FAQ
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.
A. An officer may resign at any time by delivering a written notice to the board of directors, its chairman, the appointing officer, if any, or the corporation's secretary. A resignation is effective as provided in subdivision A 9 of § 13.1-610 unless the notice provides for a delayed effectiveness.
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.
You simply resign. Submit a written statement to the board of directors informing them of your resignation and its effective date. Resigning won't cut off anyone's right to try and sue you for wrongful acts you committed while you were an officer.
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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).
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.
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.
The first step in resigning as an officer of the company is to read any contracts or agreements you signed and the bylaws of the company. Look for a termination clause or verbiage. Even if you are a volunteer board member of a nonprofit company, you may have agreed to a specific resignation process.
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.
