Full question:
How many Chairman Emeritus can a US company give that title too?
- Category: Corporations
- Date:
- State: Illinois
Answer:
Emeritus is a Latin term meaning retired but retaining an honorary title corresponding to that held immediately before retirement. The answer would therefore depend on the number of chairmen authorized in the company's charter, bylaws, operating agreement, etc. Typically, the articles of incorporation and bylaws of the corporation will define the qualifications of and methods for electing or appointing various officers.
A corporation must have bylaws, although states generally do not require that corporations file the bylaws with the secretary of state. Bylaws are rules that dictate how the corporation is going to be run, including rules regarding the conduct of corporate officers, directors, and shareholders. Corporations need to follow certain corporate formalities such as updating their corporate records, including bylaws, which are fairly easy to amend.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
