Contract by One Person Company: written terms or board minutes required when sole member-director contracts, plus registrar notification. Where a One Person Company contracts with its sole member who is also a director, the company must ensure the contract is written or its terms are included in a memorandum or recorded in the minutes of the first Board meeting after entering into the contract, except for contracts in the ordinary course of business, and must notify the Registrar of every contract so recorded within a prescribed period after Board 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.
Contract by One Person Company: written terms or board minutes required when sole member-director contracts, plus registrar notification.
Where a One Person Company contracts with its sole member who is also a director, the company must ensure the contract is written or its terms are included in a memorandum or recorded in the minutes of the first Board meeting after entering into the contract, except for contracts in the ordinary course of business, and must notify the Registrar of every contract so recorded within a prescribed period after Board approval.
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