Board powers: specified corporate functions must be approved by board resolutions, subject to memorandum, articles and delegation. The Board of Directors may exercise all powers of the company subject to the memorandum, articles and this Act, but may not exercise powers reserved for ... Summary
Board powers: specified corporate functions must be approved by board resolutions, subject to memorandum, articles and delegation.
The Board of Directors may exercise all powers of the company subject to the memorandum, articles and this Act, but may not exercise powers reserved for the company in general meeting. Specified matters-including calls on shareholders, buy backs, issuance of securities, borrowing, investment, loans and guarantees, approval of financial statements, business diversification, amalgamation, and acquisitions-must be approved by Board resolution. The Board may delegate borrowing, investment and lending powers on specified conditions; special explanations apply to banking companies and arrangements with bankers.
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