Legal Question in Business Law in California
Board of Directors Minutes
If a board of directores for a California corporation want to record their board meetings and store the recordings without typing them out in a (traditional) minutes form as is the normal practice,.. would there be any legal problems, or is there any law that would make this illegal?
2 Answers from Attorneys
Re: Board of Directors Minutes
Mr. Selik's answer refers to a law regulating non-profit corporations. Ordinary for-profit business corporations are also required to keep their minutes in written form and in English; see Corporations Code sections 8 and 1500.
In addition to the statutory requirement, I can think of numerous practical reasons to keep good written records of all corporate proceedings and I believe the failure to do so could cause numerous practical and legal problems in the future.
Re: Board of Directors Minutes
California Corporations Code 9510 requires they be kept in writing. More importantly, even if not required it is important to keep the minutes in a format that be accessed so the corporation can show their corporate actinos, thus in writing. It is important that the annual meetings be held and that the documentation is correct so the corporation is considered "legal" and free from attack.
Joel Selik
800-894-2889
www.4thelaw.com
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