Section 378S Matters to be transacted at general meeting
- Chapter
- XXIA · Producer Companies
- Amendments
- 1
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021378S. Matters to be transacted at general meeting.—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021The Board of Directors of a Producer Company shall exercise the following powers on behalf of that Company, and it shall do so only by means of resolutions passed at the annual general meeting of its Members, namely:—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(a) approval of budget and adoption of annual accounts of the Producer Company;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(b) approval of patronage bonus;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(c) issue of bonus shares;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(d) declaration of limited return and decision on the distribution of patronage;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(e) specify the conditions and limits of loans that may be given by the Board to any director; and
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(f) approval of any transaction of the nature as is to be reserved in the articles for approval by the Members.