A New York Demand by Directors for a Meeting of the Board of Directors of the Corporation is a formal request made by one or more directors to convene a meeting of the board in accordance with the laws and regulations governing corporations in New York. This demand is typically made when directors believe that there are pressing matters that require the attention and decision-making of the entire board. In New York, there are two main types of demands that directors can make to call a meeting: the Statutory Demand and the Common-Law Demand. 1. Statutory Demand: A statutory demand is made under section 708 of the New York Business Corporation Law (BCL), which sets forth the requirements and procedures for calling a board meeting. Directors can use this demand when they believe that it is necessary to address specific issues that fall within the purview of the board's authority. The demand must be in writing and delivered to the corporate secretary or a specific officer designated in the bylaws. The request must state the purpose of the meeting, and the meeting should be held within a reasonable time after the demand is made. 2. Common-Law Demand: A common-law demand refers to the right of directors to demand a meeting based on the common-law principles of corporate governance, which are not codified in the BCL. This type of demand is typically used when directors believe that the statutory demand process would not be effective, or when there is an urgent need for a board meeting that cannot wait for adherence to statutory timelines. The common-law demand empowers directors to call a meeting under the general duty of loyalty and fiduciary duty they owe to the corporation and its shareholders. Keywords: New York Demand, Meeting of the Board of Directors, Corporation, Directors, Statutory Demand, Common-Law Demand, New York Business Corporation Law, Corporate Governance, Fiduciary Duty, Shareholders, Urgent Matters, Formal Request, Convene.
New York Demand by Directors for a Meeting of the Board of Directors of the Corporation
Description
How to fill out New York Demand By Directors For A Meeting Of The Board Of Directors Of The Corporation?
Are you currently in a position that you require paperwork for either company or person uses virtually every time? There are plenty of legitimate document templates available on the Internet, but locating ones you can rely on isn`t straightforward. US Legal Forms delivers thousands of form templates, like the New York Demand by Directors for a Meeting of the Board of Directors of the Corporation, that happen to be created to meet federal and state specifications.
Should you be presently knowledgeable about US Legal Forms website and have a free account, basically log in. Afterward, you can down load the New York Demand by Directors for a Meeting of the Board of Directors of the Corporation format.
Should you not come with an account and need to begin to use US Legal Forms, adopt these measures:
- Discover the form you want and ensure it is to the right area/region.
- Use the Preview key to examine the form.
- See the outline to ensure that you have chosen the appropriate form.
- When the form isn`t what you are trying to find, utilize the Lookup discipline to get the form that suits you and specifications.
- Once you discover the right form, simply click Purchase now.
- Pick the prices prepare you want, fill in the necessary information and facts to create your money, and buy the transaction using your PayPal or credit card.
- Select a handy file format and down load your copy.
Find all of the document templates you may have purchased in the My Forms menus. You can get a further copy of New York Demand by Directors for a Meeting of the Board of Directors of the Corporation whenever, if needed. Just click the essential form to down load or print the document format.
Use US Legal Forms, probably the most comprehensive assortment of legitimate forms, to save lots of efforts and prevent errors. The assistance delivers professionally made legitimate document templates that can be used for a selection of uses. Create a free account on US Legal Forms and commence making your life a little easier.