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. Further, a Board Meeting should be held before Opening a Bank Account.
A company is individual separate identity and therefore can conduct business-related transactions using a corporate bank account. Therefore, a Private Limited Company (Pvt Ltd) needs to open a corporate bank account in order to carry the financial business transactions. Hence, a company has to call a Board Meeting in order to decide the bank in which they would want to open a Corporate Bank Account.
Furthermore, a resolution must be passed and recorded in the Board Meeting for opening a bank account. Additionally, a resolution must also be passed to authorize a person to operate the aforesaid bank account on behalf of the company.
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 board during the next 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.
FAQs
A Board Meeting should be held before Opening a Bank Account. Furthermore, the Board Meeting is supposed to be documented.
The Board of Directors is supposed to be present in the Board Meeting.
Proxy voting is common during membership meetings where members are numerous and spread all over the country. Hence, a fellow member can be given the power of attorney to vote in their place.