Form with which the stockholders of a corporation waive the necessity of a special meeting of stockholders.
Notice Shareholder Consent With Tea In Houston
State:
Multi-State
City:
Houston
Control #:
US-0023-CR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
Shareholder consent is often a defined term in the Shareholders' Agreement, and it is often defined as a percentage, say, 100% of shareholders are needed to consent to certain actions.
A common example of a UWC is a Unanimous Written Consent in Lieu of an Organizational Meeting, which is used to approve an entity's bylaws or Operating/Company Agreement, and other things requiring unanimous consent, without a formal meeting.
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.
In lieu of is a preposition that means instead of or in place of. It is often used to describe a substitution or replacement for something else. For example, if someone is unable to attend an event, they might send a gift in lieu of their attendance.
(b) The owners or members or the governing authority of a filing entity, or a committee of the governing authority, may take action without holding a meeting, providing notice, or taking a vote if each person entitled to vote on the action signs a written consent or consents stating the action taken.
“Written Consent in Lieu of Meeting” is a legal mechanism that allows the board of directors, shareholders, or members of an organization to make a decision or approve a resolution without actually convening a physical or virtual meeting.
A Directors' Consent in Lieu of Meeting is a written consent for a corporation's specific action without having to arrange a board meeting. If they have previously agreed on passing a particular resolution, then using a written consent is a simple shortcut serving this purpose.
A Stockholder Consent is the authorization of stockholders to carry out a specific corporate action. For example, a Stockholder Consent is used to elect or remove a member of the Board of Directors, approve a merger, and implement a Stock Incentive Plan (SIP).
Written consent allows directors and executives to push forth an action via writing or electronic transmission for informed decisions.
Examples of changes that may require stockholder approval include increasing or decreasing the number of authorized shares, changing voting requirements or altering dividend policies.
