A written legal document, issued by the board of directors of a corporation, documenting a binding decision made on behalf of the corporation. The corporate resolution will be adopted at a board meeting, and can be found in the minutes of the meeting detailing the decisions made by the board.
Also refers to a document signed by corporate officers, authorizing to a bank those who can access corporate funds, sign checks and acquire loans on behalf of the corporation.
Definition from Nolo’s Plain-English Law Dictionary
A written document that describes an action taken and approved by the board of directors of a corporation. For example, when a corporation issues a stock dividend, the declaration of the dividend is a corporate resolution. A board might also pass a resolution to take out a loan, buy or sell real estate, amend the corporate bylaws, or issue more stock. Resolutions are recorded with the corporate minutes.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:13 pm