QUESTION
Hello, I''m the only director as my partner resigned this week as a CFO. If I too resign as a director/officer, can I still do required Corp banking?
Asked on Jun 06th, 2012 on Business Law - New York
More details to this question:
He hasn''t filed the taxes since 2009 as it was his responsibility. Now, he wants all financial related documents with in 5 days. He had access to all documents until he resigned. He holds only 10% of shares now, but he did owned the majority of shares since inception in 2006 until 2011.
1 ANSWER
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A lot of questions there. If you are no longer an officer of the corporation, you cannot engage in banking activities on its behalf. As a general matter, a stockholder of a New York corporation has the right to inspect the corporation's books and records but not to insist on copies within five days. The fact that he previously had access to the documents but failed to copy them is completely irrelevant.
Answered on Jun 06th, 2012 at 9:09 PM