You should consider the following:
- Is the resigning Director an individual or a corporate entity? This document is drafted on the assumption that the resigning Director is an individual and should be amended, as appropriate, if this is not the case.
- Do the target company’s Articles of Association impose any special requirements or formalities regarding a Director’s resignation? This document assumes not.
- The company’s Articles should always be checked for any relevant provisions that could have an impact on the terms or effect of the resignation letter.
- Is the resigning Director is also an officer of the target company’s subsidiaries? If yes, the buyer should also require separate letters of resignation in the same terms to be delivered by the Director, addressed to each of the relevant subsidiaries.
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