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what are the limitations of a treasurer when it comes to writing

Customer Question
checks that have not been...
what are the limitations of a treasurer when it comes to writing checks that have not been authorized by a majority of the board of directors or a majority of stockholders.
Submitted: 9 years ago.Category: Business Law
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1/5/2009
Business Lawyer: Jane Doe Deer, Attorney replied 9 years ago
Jane Doe Deer
Jane Doe Deer, Attorney
Category: Business Law
Satisfied Customers: 3,896
Experience: Atty since 1986. Real estate, tax, and other business law questions
Verified

Thank you for contacting Just Answer. I look forward to assisting you.

 

While we write back and forth, please keep in mind that I do not know what you already know or don't know, or with what you need help, unless you tell me. Sometimes I'm unable to read your entire question until AFTER I write back to you.

 

Although it's usually five minutes, sometimes there can be a delay of an hour or more in between my answers because I may be researching the answer to your question, helping other customers, or taking a break. If we are writing late at night, I may have to go to sleep and resume helping you the following morning.

 

I need the following information before I can answer your question:

 

Can you please tell me what state is involved in your question? I cannot see it on my screen right now. I may need to research your state-specific law.

 

What type of organization is this? Homeowners Association? Board of a non-profit?

 

Are there bylaws and other rules in place?

 

I'll look forward to hearing from you,

 

Jane Doe Deer

 

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Business Lawyer: Sandi Lilly, Attorney replied 9 years ago
Sandi Lilly
Sandi Lilly, Attorney
Category: Business Law
Satisfied Customers: 4
Experience: 6 years practising law, 20+ as paralegal before that;law firm and in-house experience. UCC savvy
Verified

Dear Mr. Dwy:

 

The state in which the principal place of busienss is located will determine what law applies. New York law provides that officers shall serve for the term for which they are elected or appointed and until sucessors have been elected or appointed and qualified. (Bus Corp law sec. 715). The authority of the office is determined by the by-laws or by the board. There are limitations to the scope of the position and it is up to the board of directors to make a decision as to whom they want for treasurer. If the board has appointed a new treasurer, you must concede as you serve at the board's pleasure. If not, then presumably the board members will back up your position. Good luck.

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Sandi Lilly
Sandi Lilly
Sandi Lilly, Attorney
Category: Business Law
Satisfied Customers: 4
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Experience: 6 years practising law, 20+ as paralegal before that;law firm and in-house experience. UCC savvy

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