Connecticut Resolution of Directors of a Close Corporation Authorizing Redemption of Stock

• Category: Corporations - Minutes and Resolutions
• State: Multi-State
• Control #: US-02533BG
• Format: Word; Rich Text

Description

Modern corporation statutes give corporations a wide range of powers. Generally, a corporation may purchase its own stock if it is solvent. Connecticut Resolution of Directors of a Close Corporation Authorizing Redemption of Stock is a legal document that outlines the process and details involved in the redemption of stock in a close corporation within the state of Connecticut. This resolution is passed by the board of directors of the corporation to authorize the redemption of stock, giving effect to the buyback of shares from an existing shareholder. The resolution typically starts with a title, identifying it as the "Connecticut Resolution of Directors of a Close Corporation Authorizing Redemption of Stock." It may also include the name of the corporation, the date of the resolution, and a reference to relevant laws or regulations governing the redemption of stock. The resolution will state the purpose of the redemption, which can vary depending on the circumstances or goals of the corporation. This may include reducing the number of shares outstanding, eliminating a minority shareholder, or redistributing ownership within the corporation. The resolution will then specify the details of the redemption, including the number of shares to be redeemed and the price or method of determining the redemption price. It may mention any restrictions or conditions on the redemption, such as only allowing redemption after a certain date or subject to the approval of specific shareholders. If there are different types of Connecticut Resolution of Directors of a Close Corporation Authorizing Redemption of Stock, they may be named based on the specific purpose or circumstances of the redemption. Some possible variations could include: 1. Voluntary Redemption: This type of resolution may be used when a shareholder willingly decides to sell their shares back to the corporation. 2. Forcible Redemption: In certain situations, a close corporation might have the right to forcefully redeem shares from a shareholder, such as in cases of breach of a shareholder agreement or violation of company policies. 3. Partial Redemption: This resolution might be used when only a portion of a shareholder's stock is being redeemed, allowing them to retain some ownership while streamlining the company's capital structure. 4. Conditional Redemption: This type of resolution may be passed when the redemption is contingent upon meeting specific criteria, such as the achievement of certain financial goals or the occurrence of a trigger event. It is important to note that these are just possible variations, and the specific types of resolutions may vary depending on the needs and circumstances of the close corporation in question.

Connecticut Resolution of Directors of a Close Corporation Authorizing Redemption of Stock is a legal document that outlines the process and details involved in the redemption of stock in a close corporation within the state of Connecticut. This resolution is passed by the board of directors of the corporation to authorize the redemption of stock, giving effect to the buyback of shares from an existing shareholder. The resolution typically starts with a title, identifying it as the "Connecticut Resolution of Directors of a Close Corporation Authorizing Redemption of Stock." It may also include the name of the corporation, the date of the resolution, and a reference to relevant laws or regulations governing the redemption of stock. The resolution will state the purpose of the redemption, which can vary depending on the circumstances or goals of the corporation. This may include reducing the number of shares outstanding, eliminating a minority shareholder, or redistributing ownership within the corporation. The resolution will then specify the details of the redemption, including the number of shares to be redeemed and the price or method of determining the redemption price. It may mention any restrictions or conditions on the redemption, such as only allowing redemption after a certain date or subject to the approval of specific shareholders. If there are different types of Connecticut Resolution of Directors of a Close Corporation Authorizing Redemption of Stock, they may be named based on the specific purpose or circumstances of the redemption. Some possible variations could include: 1. Voluntary Redemption: This type of resolution may be used when a shareholder willingly decides to sell their shares back to the corporation. 2. Forcible Redemption: In certain situations, a close corporation might have the right to forcefully redeem shares from a shareholder, such as in cases of breach of a shareholder agreement or violation of company policies. 3. Partial Redemption: This resolution might be used when only a portion of a shareholder's stock is being redeemed, allowing them to retain some ownership while streamlining the company's capital structure. 4. Conditional Redemption: This type of resolution may be passed when the redemption is contingent upon meeting specific criteria, such as the achievement of certain financial goals or the occurrence of a trigger event. It is important to note that these are just possible variations, and the specific types of resolutions may vary depending on the needs and circumstances of the close corporation in question.