Officers

Question 1

Officers

Answer 1

Typically President, Secretary, and Treasurer; elected by the Board of Directors

Question 2

Authority

Answer 2

Authority is governed by agency law. Corporation is the principal and officer is the agent.

Can be actual (express or implied) or apparent authority

Question 3

Express Actual Authority

Answer 3

Defined by laws or set by BoD

Question 4

Implied Actual Authority

Answer 4

Officer has implied authority to perform tasks necessary to carry out the duties of the position

Does not have authority to bind corporation to extraordinary act.

Question 5

Apparent Authority

Answer 5

If the corporation holds the officer out as having authority to bind the corporation to third parties