What if a board member resigns

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Publicly held companies must update the Securities and Exchange Commission immediately following the acceptance of a board resignation. Use Form 8-K to explain the reasons for the resignation. It is up to the resigning board member what to do with his shares in the company if they exist.

It is incredibly important to not make a sudden, emotional decision regarding your resignation from an HOA board. You might just be having a bad or stressful week. Let your emotions cool down and take enough time to reflect before deciding what to do. If you have butted heads with a fellow board member, try not to react in anger.

Be sure that everyone is informed and has an opportunity to talk to you about it. The board, especially, has a right to know since they will have to prepare for your departure. Announcing your resignation at a board meeting is an important step in the process. However, a sudden verbal announcement is not enough.

It should be put into writing. Your formal announcement should be preceded by a board of directors resignation letter delivered through email, then followed by a written document presented during the board meeting. Leaving in the middle of a community project can lead to bad feelings from the board and homeowners. Not only that, leaving without warning may even cause liabilities and other consequences on your part.

If you have committed to certain projects, do your best to accomplish your tasks or at least properly hand them off to the HOA board. Sixty days is a good baseline to go by, if possible. Keep in mind that your departure will create more work for other board members, so be respectful and grateful as you exit your service.

At the end of the day, remember that your departure can have a positive effect on the organization you served.