Gerry Hyman has another article for the Toronto Star. Let’s discuss some of the questions raised:
QUESTION: One of our directors submitted his resignation and it was accepted by resolution of the board. The resigned director now wants to return and complete his term. I believe that when a director resigns, he is out — unless voted back in by the owners at the annual general meeting. Am I correct?
ANSWER: Almost. The resigned director could be voted back onto the board by the owners. But the board could also resolve to appoint the director to fill the vacancy created by his resignation until the next AGM. The board, however, could not resolve that the director will complete his original term if that term would extend beyond the next AGM.