resignation of directors definition

resignation of directors

Directors can resign at any time, and the resignation does not require acceptance by the firm to be effective. However, a submitted resignation cannot be withdrawn without the agreement of the firm. Resigning does not absolve a director from the liabilities arising from the (1) decision taken prior to the resignation, (2) personal guaranties issued as an individual, or jointly and severally with the other directors.

resignation of directors is in the Corporate, Commercial, & General Law and Entrepreneurship, Management, & Leadership subjects.

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