Minutes may contain notes from meetings regarding the election of officers, business policies, committee designation, allocation of authority to committees, stock (issuing and selling), conveyance of real estate or other corporate assets, mergers, reorganizations, pensions, loans and joint ventures.
Corporate minutes are also used to document bank account designation, persons to have authorized signatures on the bank accounts and major contract agreements.
If the bylaws state that shareholders must be involved in a certain decision, this should also be documented in meeting minutes when applicable. If a corporation has informal meetings, the Secretary should still keep minutes, including the signatures of all members who agreed upon a particular decision.
This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.
