Virginia Waiver of Notice of Special Meeting of Directors

• Category: Corporations - Business Formation
• State: Multi-State
• Control #: US-ENTREP-0081-1
• Format: Word; Rich Text

Description

A waiver of notice isa common document used for board of directors special meetings. Special meetings are called when there's a pressing issue that can't wait for the next scheduled meeting. If there's not enough time for a formal meeting notice, directors can opt to sign a waiver and hold the meeting without notice. A Virginia Waiver of Notice of Special Meeting of Directors is a legal document utilized by corporations to facilitate the waiver of notice for a special meeting of the board of directors in the state of Virginia. This waiver removes the requirement for providing advanced notice to directors regarding the meeting, allowing the board to convene and make decisions without the usual waiting period. The Virginia Code section 13.1-671 establishes the framework for the Waiver of Notice of Special Meeting of Directors in Virginia. According to this code, directors are entitled to notice of any special board meetings to ensure their presence and participation. However, circumstances may arise where it is impractical or unnecessary to provide notice. In such cases, a waiver of notice can be executed to expedite decision-making processes. There are two types of waivers commonly used in Virginia for special meetings of directors. The first type is an Express Waiver, where each director signs a written document explicitly waiving their right to receive notice. This waiver can be in the form of a standalone document or incorporated into meeting minutes. The second type is an Implied Waiver, which occurs when directors attend the special meeting without raising any formal objection or challenging the lack of notice. By their attendance, directors implicitly waive their right to notice. It is important to note that an implied waiver is generally less preferred due to the potential for future disputes or claims questioning the validity of the waiver. Keywords: Virginia, Waiver of Notice, Special Meeting of Directors, Virginia Code, directors, board of directors, notice requirement, legal document, decision-making processes, Virginia corporations, Virginia Code section 13.1-671, Express Waiver, Implied Waiver, written document, meeting minutes, attendance, objection, disputes, claims, validity.

A Virginia Waiver of Notice of Special Meeting of Directors is a legal document utilized by corporations to facilitate the waiver of notice for a special meeting of the board of directors in the state of Virginia. This waiver removes the requirement for providing advanced notice to directors regarding the meeting, allowing the board to convene and make decisions without the usual waiting period. The Virginia Code section 13.1-671 establishes the framework for the Waiver of Notice of Special Meeting of Directors in Virginia. According to this code, directors are entitled to notice of any special board meetings to ensure their presence and participation. However, circumstances may arise where it is impractical or unnecessary to provide notice. In such cases, a waiver of notice can be executed to expedite decision-making processes. There are two types of waivers commonly used in Virginia for special meetings of directors. The first type is an Express Waiver, where each director signs a written document explicitly waiving their right to receive notice. This waiver can be in the form of a standalone document or incorporated into meeting minutes. The second type is an Implied Waiver, which occurs when directors attend the special meeting without raising any formal objection or challenging the lack of notice. By their attendance, directors implicitly waive their right to notice. It is important to note that an implied waiver is generally less preferred due to the potential for future disputes or claims questioning the validity of the waiver. Keywords: Virginia, Waiver of Notice, Special Meeting of Directors, Virginia Code, directors, board of directors, notice requirement, legal document, decision-making processes, Virginia corporations, Virginia Code section 13.1-671, Express Waiver, Implied Waiver, written document, meeting minutes, attendance, objection, disputes, claims, validity.