Question on the merchant application related to ownership.
Corporate law scares me. (It's a fictitious person!)
-- Mark A. Miller [EMAIL PROTECTED] (512) 796-3592
Troy C. Belding wrote:
Mark A. Miller wrote:
Troy: Who actually *owns* a non-profit corporation?
Um.. Technically, the corporation 'owns' itself. No one individual owns the corp. However, you can vest the name of the corporation in an individual, who 'leases' that to the corporation.
In the case of a five person board of directors, the five people vote on what happens. Majority rules. (if four, because of someone missing, the president gets two votes - if the president is missing, you either have to have an absolute majority (to oust the president, for example), or reschedule the meeting. )
In general, the board appoints someone who is given the authority to speak for the corporation, and make decisions, rather than doing committee rule. "The spokesman for SCO today mentioned that any minute now, he was going to fart fairies and lay a golden egg."
Does that help? (sent it to everyone as general information)
