Contract transparency by one person company requires written terms or board minutes and registrar notice after approval. Contracts between a One Person Company and its sole member-director that are not in writing must have their terms included in the memorandum or recorded ... Summary
Contract transparency by one person company requires written terms or board minutes and registrar notice after approval.
Contracts between a One Person Company and its sole member-director that are not in writing must have their terms included in the memorandum or recorded in the minutes of the first Board meeting convened after entering into the contract, excluding contracts in the ordinary course of business; where recorded in minutes, the company must inform the Registrar about each such contract within the short period following Board approval.
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