Board authority: directors may exercise company powers but cannot usurp matters reserved for the general meeting. The provision grants the Board of Directors authority to exercise all powers and do all acts the company may undertake, but prohibits the Board from exercising powers or performing acts reserved by statute, the memorandum or articles, or other law to the company in general meeting; the Board must in exercising powers comply with statutory provisions, the constitutional documents and valid regulations, and a subsequent regulation by the company in general meeting does not retroactively invalidate a prior valid Board act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Board authority: directors may exercise company powers but cannot usurp matters reserved for the general meeting.
The provision grants the Board of Directors authority to exercise all powers and do all acts the company may undertake, but prohibits the Board from exercising powers or performing acts reserved by statute, the memorandum or articles, or other law to the company in general meeting; the Board must in exercising powers comply with statutory provisions, the constitutional documents and valid regulations, and a subsequent regulation by the company in general meeting does not retroactively invalidate a prior valid Board act.
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