Cos 378S — Matters to be transacted at general meeting

Companies Act, 2013

Statutory text

The 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:—
(a) approval of budget and adoption of annual accounts of the Producer Company;
(b) approval of patronage bonus;
(c) issue of bonus shares;
(d) declaration of limited return and decision on the distribution of patronage;
(e) specify the conditions and limits of loans that may be given by the Board to any director; and (f) approval of any transaction of the nature as is to be reserved in the articles for approval by the Members.

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