Form with which the board of directors of a corporation accepts the resignation of a corporate officer.
Resignation Officer With Director In Massachusetts
Category:
State:
Multi-State
Control #:
US-0005-CR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Corporate officers colloquially refers to the people in a corporation that run the company's daily operations. The corporate officers are chosen by the board of directors.
Every corporation authorized to transact business in the commonwealth MUST file an annual report with the Corporations Division within two and one half (2½) months after the close of the corporation's fiscal year end. M.G.L.A. c156D § 16.22; 950 CMR 113.57.
Officers of a corporations can be amended by filing Articles of Amendment with the state of formation. Before doing so the board of directors needs to have a meeting and vote on the new officer to replace the old one, and have it reflected in the minutes of that meeting and entered into the bylaws of the corporation.
(a) A corporation shall have a president, a treasurer and a secretary and such other officers described in its bylaws or appointed by the board of directors in ance with the bylaws.
Section 156D:8.40 - Required officers (a) A corporation shall have a president, a treasurer and a secretary and such other officers described in its bylaws or appointed by the board of directors in ance with the bylaws.
Changing officers of a corporation involves filing the articles of incorporation while adhering to Massachusetts state codes. Directors add officers formally at an annual directors meeting but can do so at any time within the scope of the bylaws.
Review Corporate Bylaws and Contracts For instance, a company might have in its bylaws that an officer can be removed if two-thirds of the board of directors votes in favor of the removal. Alternatively, the officer's contract might stipulate specific circumstances under which they can be terminated.
The statutory procedure allows any director to be removed by ordinary resolution of the shareholders in general meetings (i.e., the holders of more than 50% of the voting shares must agree). This right of removal by the shareholders cannot be excluded by the Articles or by any agreement.
A director may resign from his office by giving a notice in writing to the company and the Board shall on receipt of such notice take note of the same and the company shall intimate the Registrar in such manner, within such time and in such form as may be prescribed and shall also place the fact of such resignation in ...
