Board powers in producer companies: central authority to exercise corporate functions by board resolutions and manage company affairs. The section vests primary management authority in the Board of directors of a Producer Company, subject to the Act and articles, requiring the Board to exercise all powers and perform acts on behalf of the company by resolutions passed at Board meetings. It lists illustrative functions including dividend determination; withholding price and patronage recommendations; admission of members; policy, strategy and financial planning; appointment and supervision of executives; maintenance of accounts and audit responses; property acquisition, disposal and investment in the ordinary course; and sanctioning loans to members not being directors or their relatives.
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 powers in producer companies: central authority to exercise corporate functions by board resolutions and manage company affairs.
The section vests primary management authority in the Board of directors of a Producer Company, subject to the Act and articles, requiring the Board to exercise all powers and perform acts on behalf of the company by resolutions passed at Board meetings. It lists illustrative functions including dividend determination; withholding price and patronage recommendations; admission of members; policy, strategy and financial planning; appointment and supervision of executives; maintenance of accounts and audit responses; property acquisition, disposal and investment in the ordinary course; and sanctioning loans to members not being directors or their relatives.
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