Illinois | Administrative Law
1/28/12, 10:51 am
Legal Question
As a member of a not for profit organization board of directors, if I were to resign from the board what would be required to relieve myself from any financial responsibility? The board recently signed a five year note payable annually to make repairs to structures owned by the organization. One payment has been made and the balance of the note is roughly $25,000. The note is with a local bank and was signed by all 12 board members. My question is do I need something signed or is my resignation sufficient.
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Read More Answered By: Adam Tracy |
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