Short Notes on Board Meeting
Posted by Ripon Abu Hasnat on Sunday, June 7, 2015 | 0 comments
The directors of a joint stock company are jointly known as the board of directors or the
board. The administrative
functions and policy planning of a company are unseated in the board. The board
of directors or often known as the numbers of the board sit at meetings to supervise the progress of routine
business or for policy planning or review of the progress of plans already accepted for implementation. Such meetings
are called board meetings.
The rules of board meeting are usually mentioned in the Memorandum of Association (M/ A) and
the Articles of Association (A/ A) of the company. As per provisions of the Companies Act, a board meeting
should be held at least once in every three months or at least four times in a year. At least
one-third members of the board of directors or two members (Whichever is higher) constitute
quorum in a board meeting. In the absence of the chairman of the board, the senior-most director or any one (with the
consent of all from the present directors) may preside over the board meeting.
A board meeting is usually held for
considering the application for shares, allotment of shares and their forfeiture, issue of debenture, approval of
contract, fixing the date of annual general meeting, determining business policy and plans, appointment of managing director,
filling in vacancy in the board by appointing a new director temporarily.
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