Form with which the stockholders of a corporation waive the necessity of a first meeting of stockholders.
The Virginia Waiver of Annual Meeting of Stockholders is a legal tool used by corporations incorporated in the state of Virginia to waive the requirement for holding an annual meeting of stockholders. This resolution allows corporations to bypass the formalities and logistics associated with organizing and conducting an annual stockholders' meeting. Typically, a corporation is required by state law and its bylaws to hold an annual meeting of stockholders. During this meeting, important matters such as the election of board members, approval of financial statements, and other corporate decisions are discussed and voted upon. However, in certain circumstances, there may be a need to dispense with the requirement of holding an actual meeting. The Virginia Waiver of Annual Meeting of Stockholders — Corporate Resolution enables corporations to obtain agreement from stockholders to waive the necessity of a physical meeting. This resolution can be utilized when circumstances make it impractical, unnecessary, or burdensome to hold an in-person or virtual meeting. The resolution typically includes various key elements. Firstly, it states the corporation's name, followed by a reaffirmation of its existence under Virginia law. The resolution then states that the corporation's stockholders, in lieu of holding a physical meeting, waive notice and the requirement for holding an annual meeting for a specific year or specified period of time. This waiver is subject to the condition that any action that would have been taken at the meeting can instead be authorized and approved by written consent of the stockholders. There may be different types or variations of the Virginia Waiver of Annual Meeting of Stockholders — Corporate Resolution, depending on the specific circumstances or requirements of the corporation. For example, there may be specific resolutions for closely-held corporations with a limited number of stockholders or for publicly-traded corporations with many stockholders. The content and language of the resolution may also differ depending on the exact nature of the business and any additional provisions that need to be included. In summary, the Virginia Waiver of Annual Meeting of Stockholders — Corporate Resolution is a legal document that allows corporations in Virginia to bypass the requirement of holding an annual stockholders' meeting. By obtaining stockholders' consent through this resolution, corporations can streamline decision-making processes and avoid the logistical challenges of organizing a formal meeting. Different variations of this resolution may exist to accommodate different types of corporations or specific circumstances.
