Legal Question in Business Law in Utah
A Definition
Article of Incorporation: Board of Directors shall be incorporators designated hereafter, whose term shall be for one year. Do incorporators have to be bonded or anything specific for each term elected for, or have any other specifics? None are listed in the Artice.
Asked on 2/10/04, 4:40 pm
1 Answer from Attorneys
Alvin Lundgren
Alvin R. Lundgren, L.C.
Re: A Definition
There is no state requirement for incorporators, directors or officers to be bonded, unless there is a requirement in the by laws. The by laws list the requirements and the operating procedures under which the corporation is to be managed. If there are no by laws, the provisions in the Utah Corporations Code apply.
Answered on 2/10/04, 10:44 pm
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