According to Bonchon, what officer positions must the corporation have?
Bonchon Franchise · 2025 FDDAnswer from 2025 FDD Document
9.03 Checks, Drafts, Etc.**
All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Corporation shall be signed by such officer or officers, agent or agents, of the Corporation and in such manner as shall, from time to time, be determined by resolution of the Board of Directors.
9.04 Deposits
All funds of the Corporation shall be promptly deposited, from time to time, to the credit of the Corporation in such banks, trust companies, or other depositories as the Board may select.
9.05 Gifts
The Board may accept on behalf of the Corporation any contribution, gift, bequest or devise for the general purposes or for any special purpose of the Corporation.
10. MEMBERSHIP CERTIFICATES
10.01 Membership Certificates
The Board may provide for the issuance of membership certificates evidencing status as a member in the Corporation, which certificates shall be in such form as determined by the Board; shall be non-transferable; and, shall bear on the face thereof, a conspicuous notation that the Corporation is a not-for-profit corporation and that the membership certificate is non-transferable.
Source: Item 23 — RECEIPTS (FDD pages 92–536)
What This Means (2025 FDD)
According to Bonchon's 2025 Franchise Disclosure Document, any membership certificates issued by the corporation must be signed by the President or a Vice-President and by the Secretary or any Assistant Secretary. These officers are responsible for attesting to the validity of the membership certificates and ensuring they are properly recorded.
Additionally, the FDD states that all books and records of the corporation may be inspected by any member or anyone authorized by law or contract for any proper purpose at any reasonable time, upon the giving of prior written notice to the President, Treasurer or Secretary or such other officer or person as the Board may determine. This indicates that the President, Treasurer, and Secretary are key officers responsible for managing and providing access to the corporation's financial and operational records.
These requirements ensure that Bonchon maintains proper corporate governance and transparency, allowing members and authorized parties to access important information while also ensuring that key documents like membership certificates are properly authenticated.