Form with which the board of directors of a corporation accepts the resignation of a corporate officer.
Resignation Of Director Resolution In Pennsylvania
Category:
State:
Multi-State
Control #:
US-0005-CR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
The Pennsylvania Business Corporation Law at 15 P.S. § 1979 provides that the dissolution of a business corporation does not eliminate or impair any claim existing against the corporation, its officers, directors, or shareholders if an action or proceeding on that claim is brought within two years after the date of ...
--Upon application filed by a shareholder or director of a business corporation, the court may entertain proceedings for the involuntary winding up and dissolution of the corporation when any one of the following is made to appear: (1) The acts of the directors, or those in control of the corporation, are illegal, ...
--A mortgage, pledge or grant of a security interest or dedication of property to the repayment of indebtedness, with or without recourse, shall not be deemed a sale, lease, exchange or other disposition for the purposes of this section.
U.S. Code: Title 15 CHAPTER 1—MONOPOLIES AND COMBINATIONS IN RESTRAINT OF TRADE (§§ 1 – 38) CHAPTER 2—FEDERAL TRADE COMMISSION; PROMOTION OF EXPORT TRADE AND PREVENTION OF UNFAIR METHODS OF COMPETITION (§§ 41 – 77) CHAPTER 2A—SECURITIES AND TRUST INDENTURES (§§ 77a – 77bbbb)
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS.
Section 1766(b) of the BCL (relating to consent of shareholders in lieu of meeting) authorizes the articles of incorporation of a business corporation or a bylaw adopted by the shareholders of a nonregistered corporation to provide that action by the shareholders without a meeting may be taken by the written consent of ...
So, the answer to the question is: Yes, a director can be forced out – but the exact scenario depends on the protocols you establish from day one.
(1) The court shall not appoint a custodian to resolve a deadlock if the shareholders by agreement or otherwise have provided for the appointment of a provisional director or other means for the resolution of the deadlock, but the court shall enforce the remedy so provided if appropriate.
If one cannot persuade a corporate director to resign, then one does not ``force'' a resignation. Instead: The shareholders vote to remove the director; or If permitted by the corporation's bylaws, the other directors vote to remove the director in question. Disclaimer:
If the director resigns; if the director becomes bankrupt or makes any compromise or arrangement with his or her creditors generally; if the director suffers from mental disorder; if the director is prohibited by law from being a director (which includes disqualification);
