Description: The New York Resolution of Directors of a Close Corporation Authorizing Redemption of Stock is a legal document that outlines the specific procedures and requirements for redeeming stock in a close corporation. This resolution is typically drafted and adopted by the board of directors to authorize the redemption of shares held by shareholders. In a close corporation, which is also known as a closely-held corporation, the number of shareholders is limited and often comprised of family members, friends, or a small group of individuals. The redemption of stock refers to the repurchase or buyback of shares by the corporation from its shareholders. Keywords: New York Resolution, Directors, Close Corporation, Stock, Redemption, Shares, Board of Directors, Shareholders, Repurchase, Buyback. There are different types of resolutions that can be authorized in the New York Resolution of Directors of a Close Corporation Authorizing Redemption of Stock, depending on the specific circumstances and preferences of the close corporation. Some of these types include: 1. General Redemption Resolution: This type of resolution authorizes the redemption of a specific number or percentage of shares held by shareholders. It specifies the terms and conditions of the redemption, such as the price or method of valuation, the timing, and any restrictions or limitations. 2. Specific Stock Redemption Resolution: This type of resolution pertains to the redemption of specific shares held by certain shareholders. It clarifies the exact shares to be redeemed, the redemption price, and any other pertinent details applicable only to these specific shares. 3. Conditional Redemption Resolution: A conditional redemption resolution is employed when the redemption of stock is subject to certain conditions or circumstances. These conditions can include events like the death, disability, retirement, or termination of a shareholder, or the achievement of certain performance goals or milestones by the corporation. 4. Partial Redemption Resolution: A partial redemption resolution allows the close corporation to redeem a portion of the shares held by shareholders. This may be done to facilitate a strategic restructuring, to provide liquidity to existing shareholders, or to accommodate new investors or stakeholders. 5. Emergency Redemption Resolution: This resolution type comes into play in urgent situations where immediate redemption of certain shares is required to address financial or operational challenges faced by the close corporation. It provides the necessary authority to the board of directors to undertake these redemptions without delay. It is essential for close corporations in New York to execute a formal resolution authorizing the redemption of stock to ensure compliance with corporate laws and regulations. This resolution document should be drafted with the assistance of legal professionals to address the unique needs and circumstances of the close corporation and its shareholders.
New York Resolution of Directors of a Close Corporation Authorizing Redemption of Stock
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