Board Authority And Compliance

Summary

Ensure all board members are involved in decisions as per bylaws. Unauthorized actions by management or president may lead to fines. Consult legal advice.

Full Conversation

Yes. I was told that this issuse was between the president and management and not all board members. This issue was about the sigi g the fincen document and this would require the board resolution on who they would give the atharty to sign the document. Management was completely out of line with their advice.
It seems like you have a valid concern regarding the proper authority needed to sign the FinCEN document. Here are a few points to consider:
- Review Bylaws: Ensure that your bylaws clearly state the requirement for a board resolution for such actions.
- Board Resolution: Call for a board meeting to pass a formal resolution on who is authorized to sign the document.
- Legal Consultation: Consider consulting with a legal advisor to ensure that the board's actions comply with all relevant laws and regulations.
Is there any specific consequence or issue that arose from the president or management signing the document without full board approval?
Yes there is a substantial fine if not signed by due date and i feel that the president and management acted on their own and should e personally liberal for any fine
It sounds like a frustrating situation. Since you're dealing with potential fines and unauthorized actions, you might want to consider the following steps:
- Consult with a Legal Advisor: Get a professional opinion to understand if the president and management can be held personally liable for the fine.
- Board Meeting: Call a meeting to discuss this issue and ensure all board members are aware and involved.
- Document Everything: Keep records of all communications and decisions related to this issue.
Would you like assistance connecting with local lawyers who can help you with this case?