Section 378V Meetings of Board and quorum
- Chapter
- XXIA · Producer Companies
- Amendments
- 1
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021378V.Meetings of Board and quorum.—(1) A meeting of the Board shall be held not less than once in every three months and at least four such meetings shall be held in every year.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(2) Notice of every meeting of the Board of Directors shall be given in writing to every director for the time being in India, and at his usual address in India to every other director.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(3) The Chief Executive shall give notice as aforesaid not less than seven days prior to the date of the meeting of the Board and if he fails to do so, he shall be liable to a penalty of five thousand rupees:
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021Provided that a meeting of the Board may be called at shorter notice and the reasons thereof shall be recorded in writing by the Board.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(4) The quorum for a meeting of the Board shall be one-third of the total strength of directors, subject to a minimum of three.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(5) Save as provided in the articles, directors including the co-opted director, may be paid such fees and allowances for attendance at the meetings of the Board, as may be decided by the Members in the general meeting.