Maureen Crush's Answers

Can the cfo of a corporation change the corporate bank accounts to another bank without notifing the officers or stockholders

Authorization to change corporate accounts is traditionally granted by the Board of Directors of a corporation to an officer by corporate resolution. It is not necessary that the Board of Directors notify the shareholders or the officers when such a resolution is passed, unless this is a closely-held corporation and there is a specific requirement in a Shareholders Agreement among the shareholders requiring shareholder consent to such a change (possibly) or a special provision in the...