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STATE REGULATION OF MANAGEMENT






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Annual General Meeting of Members

The Companies Act requires every company without exception to hold every year a general meeting of its members. Such a meeting is in addition to any other that may be necessary. The first annual general meeting has to be held within 18 months of the date of incorporation and if it is so held, it shall not be necessary, for the company to hold annual general meeting in the year of incorporation and in the next year. In the following year, it must be held within 15 months of the preceding annual general meting.

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Statutory Meeting of Members

Every public company limited by shares, and limited by guarantee and a having a share capital must hold a general must hold a general meeting of its members within a period of not less then one month nor more than six months from the date on which the company is entitled to commence business (Sec. 165).

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Meetings of Members

There are three kinds of general meetings of a company, namely Statutory, Annual, and Extraordinary.

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Selling Agents for West Bengal and Assam

The chairman pointed out that so far the company was making its sales in these two States directly. It was considered that the employment of selling agents would considerably ease the financial strain on the company and increase the sales at the same time.

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Budgetary Control

The chairman invited observations on the proposal relating to budgetary control. The Directors unanimously agreed to institute such a system and to sanction the necessary expenditure not exceeding Rs. 50,000 per year.

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Financial Statements

The Chairman presented the financial statements relating to the six months ending on 30th September, 1977, and the results of trading for the same period. He pointed out that considering that this was the slack season it was gratifying to note that sales had recorded an increase of 0 per cent over the previous six months.

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Minutes of Board Meetings

The proceedings of meetings of the Board of Directors have to be recorded in a book, Minutes must not be attached to the Book by pasting. Each page must be numbered and initialed by the chairman of the concerned meeting or of the next succeeding meting.

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Meetings of Board of Directors

The affairs of a company are manged by the Board of Directors. Their powers and duties have already been studied in Chapter 1 of this Part. It will be recalled that many of the powers conferred on the Board are to be exercised at meetings of directors.

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Company Meetings And Resolutions

It has already been pointed out that management of the company is carried on and controlled through meetings. The shareholders who subscribe to the share capital of the company get an opportunity to elect the management and sit in judgment over the working of the company at the meetings of the company.

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Company Law Board

Under the Amendment Act of 1974, the strength of the Board has been increased to nine members (from five at present) to cope with the increase in work which will necessarily result because of the transfer of several of the powers which were so far being exercised by the Court to the Company Law Board.

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