Section 378R Powers and functions of Board
- Chapter
- XXIA · Producer Companies
- Amendments
- 1
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021378R. Powers and functions of Board.—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(1) Subject to the provisions of this Act and articles, the Board of Directors of a Producer Company shall exercise all such powers and to do all such acts and things, as that Company is authorised so to do.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(2) In particular and without prejudice to the generality of the foregoing powers, such powers may include all or any of the following matters, namely:—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(a) determination of the dividend payable;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(b) determination of the quantum of withheld price and recommend patronage to be approved at general meeting;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(c) admission of new Members;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(d) pursue and formulate the organisational policy, objectives, establish specific long-term and annual objectives, and approve corporate strategies and financial plans;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(e) appointment of a Chief Executive and such other officers of the Producer Company, as may be specified in the articles;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(f) exercise superintendence, direction and control over Chief Executive and other officers appointed by it;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(g) cause proper books of account to be maintained; prepare annual accounts to be placed before the annual general meeting with the report of the auditor and the replies on qualifications, if any, made by the auditors;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(h) acquisition or disposal of property of the Producer Company in its ordinary course of business;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(i) investment of the funds of the Producer Company in the ordinary course of its business;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(j) sanction any loan or advance, in connection with the business activities of the Producer Company to any MemberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records., not being a director or his relative;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(k) take such other measures or do such other acts as may be required in the discharge of its functions or exercise of its powers.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(3) All the powers specified in sub-sections (1) and (2) shall be exercised by the Board, by means of resolution passed at its meeting on behalf of the Producer Company.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021Explanation.—For the removal of doubts, it is hereby declared that a director or a group of directors, who do not constitute the Board, shall not exercise any of the powers exercisable by it.