Ohio Resolution of Directors of a Close Corporation Authorizing Redemption of Stock is a legal document that outlines the process for redeeming stock in a close corporation in the state of Ohio. This resolution is typically passed by the board of directors to authorize the redemption of stock held by shareholders. It establishes the terms and conditions under which the redemption will take place and provides guidelines for the corporation to follow. Keywords: Ohio, resolution, directors, close corporation, redemption, stock, shareholders, terms, conditions, guidelines Types of Ohio Resolution of Directors of a Close Corporation Authorizing Redemption of Stock: 1. General Redemption Resolution: This type of resolution covers the redemption of stock in a close corporation as a general provision. It provides a template for redeeming stock and can be utilized for various situations. 2. Specific Redemption Resolution: This type of resolution is tailored to address a specific redemption scenario. It may be used when the corporation wants to repurchase stock from a particular shareholder or group of shareholders. 3. Mandatory Redemption Resolution: This type of resolution sets forth the requirement for mandatory redemption of stock within a specified time frame or under certain circumstances, such as a shareholder's retirement, disability, or death. It ensures smooth ownership transitions and protects the interests of the close corporation. 4. Voluntary Redemption Resolution: This type of resolution allows shareholders to voluntarily offer their shares for redemption. It provides guidelines for the redemption process, including the valuation of the shares and the payment terms. 5. Conditional Redemption Resolution: This type of resolution establishes specific conditions that must be met before the redemption of stock can occur. It may include conditions like the achievement of certain business milestones or the approval of a majority of shareholders. 6. Reverse Stock Split Redemption Resolution: This type of resolution deals with the redemption of stock resulting from a reverse stock split. It outlines the process of exchanging a larger number of lower-value shares for a smaller number of higher-value shares. These different types of resolutions allow close corporations in Ohio to tailor their redemption processes based on their specific needs and circumstances. By utilizing the appropriate type of resolution, close corporations can efficiently manage stock redemptions and maintain smooth operations.
Ohio Resolution of Directors of a Close Corporation Authorizing Redemption of Stock
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