• Overdue Diligence: How Failure to Keep Corporate Records Can Cost Insiders
  • June 23, 2011 | Authors: Frank D. Jacobs; Joshua S. Peterson
  • Law Firm: Eastman & Smith Ltd. - Toledo Office
  • Although maintaining an up-to-date corporate minutebook is of vital importance to a corporation and its offi cers, directors and shareholders, our experience with many corporations is that maintaining the minutebook is often dangerously neglected. Frequently, entries are made at irregular intervals, if at all, and only when necessary to comply with specifi c banking or lending requirements for loan authorizations or other transactions.