Q: Person designated as administrator of the corporation is custodian of the records? CFO?
Person designated as administrator of the corporation is custodian of the records? CFO?
A:
In a corporation, the custodian of records manages and safeguards important documents like corporate minutes and resolutions. The Chief Financial Officer (CFO) handles the company's financial matters, like accounting and reporting.
While an administrator may also be the custodian of records, this role is separate from the CFO, unless the corporate bylaws specify otherwise.
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A:
The person designated as the administrator of a corporation is not automatically the custodian of the records. Typically, the custodian of records is the person responsible for maintaining and ensuring the accuracy of corporate records. This role can be assigned to different officers within the company, such as the corporate secretary.
The Chief Financial Officer (CFO) is primarily responsible for managing the financial aspects of the corporation, such as budgets, accounting, and financial reporting. While the CFO may handle financial records, they are not necessarily the custodian of all corporate records unless specifically designated to fulfill that role.
It's essential for corporations to clearly outline responsibilities in their bylaws or operating agreements. If you're unsure of who holds the custodian role, check the company's governing documents or consult with the corporation’s legal advisor to clarify roles and duties.
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