According to Bonchon's bylaws, when are the annual meetings of the Board held?
Bonchon Franchise · 2025 FDDAnswer from 2025 FDD Document
Annual meetings of the Board shall be held either: (a) without notice immediately after the annual meeting of the membership, and at the same place, or (b) as soon as practicable after the annual meeting of the membership, on notice as provided above in Section 6.07 of these By-Laws. Quarterly meetings of the Board shall be held without formal notice immediately after the quarterly meeting of members, and at the same place, or at such times and places as the Board determines by prior written notice. If the day fixed for a regular meeting is a legal holiday, the meeting shall be held on the next succeeding business day not a legal holiday.
Source: Item 23 — RECEIPTS (FDD pages 92–536)
What This Means (2025 FDD)
According to Bonchon's 2025 Franchise Disclosure Document, the annual meetings of the Board of Directors are held either immediately after the annual meeting of the membership, without notice and at the same place, or as soon as practicable after the annual meeting of the membership, with notice given as outlined in Section 6.07 of the bylaws.
The bylaws also specify that quarterly meetings of the Board are held without formal notice immediately after the quarterly meeting of members, at the same place, or at such times and places as the Board determines by prior written notice. If a regular meeting falls on a legal holiday, it will be held on the next business day that is not a legal holiday.
This means that as a Bonchon franchisee, understanding the scheduling and notification procedures for both annual and quarterly board meetings is crucial. Franchisees should be aware of the conditions under which meetings are held and the implications of these meetings for the overall operation and governance of the Bonchon franchise.