Section 378U Committee of directors
- Chapter
- XXIA · Producer Companies
- Amendments
- 1
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021378U. Committee of directors.—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(1) The Board may constitute such number of committees as it may deem fit for the purpose of assisting the Board in the efficient discharge of its functions:
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021Provided that the Board shall not delegate any of its powers or assign the powers of the Chief Executive, to any committee.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(2) A committee constituted under sub-section (1) may, with the approval of the Board, co-opt such number of persons as it deems fit as members of the committee:
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021Provided that the Chief Executive appointed under section 378W or a director of the Producer Company shall be a 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. of such committee.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(3) Every such committee shall function under the general superintendence, direction and control of the Board, for such duration, and in such manner as the Board may direct.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(4) The fee and allowances to be paid to the members of the committee shall be such as may be determined by the Board.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(5) The minutes of each meeting of the committee shall be placed before the Board at its next meeting.