Board Of directors Flashcards
1
Q
Board of Director Reqs in VA
A
Must have board with at least 1 member
Max 3 yr term
SH can remove Dir with or without cause before the end of their term
They may resign in writing at any time.
Board MANAGES the company.
2
Q
Board Meetings
Notice and Where can they be held?
A
Notice is required and is in bylaws
Board Meetings Are required
Can be held inside or outside VA
Attending by tech means OK if all can hear each other
3
Q
How does the Board vote?
A
No Proxies
Need Quorum - majority of all directors
(Can be in bylaws but never less than 1/3)
4
Q
Votes needed to pass a resolution?
A
Majority vote of all directors present
