Board powers in a producer company must receive member approval at the annual general meeting before implementation. Section 581S requires that the Board of a Producer Company exercise specified powers only by resolutions passed at the annual general meeting of members. Those powers encompass approval of the budget and adoption of annual accounts; approval of patronage bonus and its distribution; issue of bonus shares; declaration of limited return; setting conditions and limits for loans to directors; and approval of transactions reserved by the articles for member approval.
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 a producer company must receive member approval at the annual general meeting before implementation.
Section 581S requires that the Board of a Producer Company exercise specified powers only by resolutions passed at the annual general meeting of members. Those powers encompass approval of the budget and adoption of annual accounts; approval of patronage bonus and its distribution; issue of bonus shares; declaration of limited return; setting conditions and limits for loans to directors; and approval of transactions reserved by the articles for member approval.
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