This chapter shall be known as the virginia nonstock corporation act or the act. Minutes of proceedings of general meetings and of board and other meetings. Sections 193 to 196 provide the following rules regarding recording of the minutes. No part of this publication may be translated or copied in any form or by any means. The advantages of section 25 companies over other companies registered under companies act are discussed below. All about minutes under section 118 of companies act 20. Responsibility of directors and officers to submit to tribunal audited books and accounts. Minutes are the evidence of the correct record of the decisions of a meeting. Thus, minutes has got its importance in the provisions of companies act 20 and secretarial standards issued by icsi as a statutory requirement for the corporates.
Section 9 act to override memorandum, articles, etc. Section 209 books of account to be kept by company. Every company shall cause minutes of all proceedings of every general meeting and of all proceedings of every meeting of its board of directors or of every committee of the board. Companies act 1995 arrangement of sections to act 14 of 1995 page 3 c t companies act 1995 arrangement of sections section part i preliminary 21 1 short title and. Section 193 in the companies act, 1956 indian kanoon. Minutes in electronic form shall be maintained with timestamp. Explore the companies act 20 and companies act 1956. Draft articles of association with proposed amendments sun pharma. Construction of references in other acts to companies registered under companies consolidation act 1908 and act of. Section 25 companies under companies act 1956 legal news. Companies act, 1956 1 of 1956 so repealed under section 465 of this act v such other.
Every company shall cause minutes of all the proceedings of every general meeting, to be kept. Power to call for information, inspect books and conduct inquiries. A detailed analysis of the provisions of section 209 and its implication on other related sections is brought out in this article. Inspection of minute books of general meetings companies act, 1956. A company may maintain its minutes in physical or in electronic form with timestamp. Court may grant exemption from requirements of disclosure order 811. Companies act, 1956 1 of 1956 so repealed under section 465 of this act. Preferential issue under section 811a of the companies. Section 195 of companies act, 1956 says that where minutes of the proceedings of any general meeting of the company or of any meeting of its board of directors or of a committee of the board have been kept in accordance with the provisions of section 193, then, until the contrary is proved, the meeting shall be deemed to have been duly called and. Minutes means the written record of the proceedings of a meeting. The 20 act is divided into 29 chapters containing 470 sections as against 658 sections in the companies act, 1956 and has 7 schedules.
This section deals with the requirements of maintenance of books of accounts and penalties for non compliance. Construction of references in other acts to companies registered under companies consolidation act 1908 and act of 1963. Minutes of proceedings of general meeting, meeting of board of directors and other meeting. Section 209 is one of the most important sections in the companies act, 1956. Articles means the articles of association of a company, as originally framed or as altered from time to time, including, where they apply, the. Section 296 application of section 295 to book debts in certain cases.
Retail and hni investors can access the sales proceeds in minutes. An attempt as been made to provide the minutes of the board meetings as per the ss1 on board meetings, which is illustrates below. Act means the companies act, 1956 1 of 1956, or any statutory. Other powers of court in relation to disclosure orders 812. Nonapplication of section 223 to disposition made by way of book entry. Section 193 minutes of proceedings of general meetings and of board and other meetings. Minutes shall be recorded in books maintained for that purpose. Preferential issue under section 811a of the companies act, 1956. Director duly authorized by the board for that purpose, in no case the minutes of the.