Unanimous written consent by shareholders electing board of directors is a process by which shareholders of a company agree to appoint the members of the board of directors. It is seen as a formal expression of the shareholders' collective will to appoint a board of directors. There are two types of unanimous written consent by shareholders electing board of directors: 1) an action taken by all shareholders to appoint a new director; and 2) an action taken by all shareholders to fill a vacancy on the board of directors. In both cases, all shareholders must agree and must sign the document, indicating their agreement to the appointment. This process is usually done electronically, as it requires all shareholders to sign and submit the document. Unanimous written consent by shareholders electing board of directors allows the company to formalize and regulate the appointment of its board of directors, ensuring that all shareholders are in agreement and that the appointment is done in accordance with the wishes of all shareholders.
Unanimous Written Consent by Shareholders Electing Board of Directors
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FAQ
A form of unanimous written consent of the board of directors of a corporation to be used when the board takes action without a formal board meeting. This Standard Document has integrated notes with important explanations and drafting tips.
A written consent is a document governing bodies within companies can adopt resolutions and take action. A resolution is statement describing action taken by a governing body within a company. Within a corporation, shareholders, boards of directors and committees of directors may take action by adopting a resolution.
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.
Unanimous consent agreements bring order and structure to floor business and expedite the course of legislation. They can be as simple as a request to dispense with a quorum call or as complicated as a binding contract resulting from prolonged and often spirited debate.
Shareholders at shareholders' meetings and board members at directors' meetings make decisions called corporate resolutions. If all participants understand the subject contents and are completely in agreement, the secretary prepares a Unanimous Written Consent document that expresses the issue and decision in detail.
Although Executive Boards can't officially act without voting, they can vote without meeting. As long as every member agrees and the decision is memorialized in writing, a decision by ?unanimous consent? is every bit as legal and binding as one which is voted on during a live meeting.
