Nominal Directors -Use of resignation document with blank date
Usually clients have a degree of confusion about the use of this document and how to make it formal, many clients think that just because within the constitution package this document is delivered, , this automatically means that the directors they have renounced their positions within the company, which is not true.
The resignation document signed by each director with blank dates, is a document that is given to the client as a security mechanism that if at any time he wishes to make changes to the board of directors, he can do so, with or without the resident agent’s assistance.
For this document to be effective, the following steps must be followed:
- In case of not wanting to do the resignation procedure with the current resident agent, you must go to any notary public in Panama to protocolize said document.
- The document must be submitted to a public deed by means of a shareholders’ meeting, stipulating that the corresponding resignation is accepted and then the members who will replace the current board of directors must be appointed ( the company cannot operate without 3 different persons as directors)
- Once said act has been duly registered before the Public Registry of Panama, then the resignation will be formal.