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ARTICLE · 25 NOVEMBER 2011

A Minute On...Minutes

Lerners LLP
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Everyone knows that keeping minutes of board meetings is tedious. In addition to that, no one really knows how to do it properly.

CanadaCorporate/Commercial Law
David Street
David Street
Jane Southren
Jane Southren
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Board Of Directors' Meeting Minutes

Everyone knows that keeping minutes of board meetings is tedious. In addition to that, no one really knows how to do it properly. For example, how detailed should they be? What has to be included and what doesn't? Can the minutes get you into trouble? Can they get you out of trouble? By law, corporations are required to keep minutes of meetings of directors. But what the law does not spell out is how to do it or even the risks and rewards of recording minutes. Here are some.

ADVANTAGES OF MINUTES

  • Minutes direct officers to take actions.
  • They serve as proof that the board gave its officers the authority to take actions necessary for the business.

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