A board meeting is a formal gathering of a Board of Directors. Most of the organizations, being public or private, profit or non-profit, are ultimately governed by a body commonly known as Board of Directors. The members of this body cyclically meet to discuss strategic matters.
A Company has to convene the first Board Meeting within 30 days of Incorporation. The notice issued to the Directors to convene the first Board Meeting must mention that its the first Board Meeting of the Company. Below mentioned are some of the transactions that take place in the First Board Meeting:
- Appointment of Chairman of Board of Directors
- Noting of a Certificate of Incorporation of the Company before the Board
- Appointment of the First Auditors of the Company
- Opening a Bank Account
- Noting the Memorandum of Association (MOA) and Articles of Association (AOA) of the Company as registered
- Any other matter that is pertinent to the Company
The notice and the agenda of the Board Meeting to be prepared and issued to every Director at their registered address at least 7 days before the date of the meeting.
Moreover, a Board has to record the note of the Appointment of First Directors of the Company in the First Board Meeting.
Thus, review your Board Meeting Minutes immediately after the meeting. When your board meeting minutes are complete and finished, make sure they are distributed to board members as soon as possible. Once the minutes are approved by a vote of the members during the board meeting, they become part of the official record of the organization. It’s important that a copy of all minutes are kept in one place.
Yes. A Director can sign a resolution if he is authorized by the Board.
The Audit Committee should meet at least four times a year. The maximum Gap between 2 Meetings is 4 Months. 2 Directors are to be present at the Meeting.
As per section 152(3) of the Companies Act, 2013, no person shall be appointed as Director of the Company unless he has been allotted a DIN u/s 154 of the Act.