Board of Directors authorised to exercise company powers, with specified matters requiring Board resolutions and limited delegation. Section 179 vests the Board of Directors with authority to exercise acts and powers on behalf of the company, subject to the Act and constitutional documents, and forbids the Board from exercising matters reserved for general meeting; it requires specified matters to be approved by Board resolutions (including calls, buy backs, securities issuance, borrowing, investment, loans/guarantees, approval of financial statements, business diversification, amalgamation/merger/reconstruction and acquisitions), permits delegation of certain powers with conditions, and preserves banking and interbank borrowing exceptions and the general meeting's ability to restrict Board powers.
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 of Directors authorised to exercise company powers, with specified matters requiring Board resolutions and limited delegation.
Section 179 vests the Board of Directors with authority to exercise acts and powers on behalf of the company, subject to the Act and constitutional documents, and forbids the Board from exercising matters reserved for general meeting; it requires specified matters to be approved by Board resolutions (including calls, buy backs, securities issuance, borrowing, investment, loans/guarantees, approval of financial statements, business diversification, amalgamation/merger/reconstruction and acquisitions), permits delegation of certain powers with conditions, and preserves banking and interbank borrowing exceptions and the general meeting's ability to restrict Board powers.
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