Board authority to make charitable contributions requires shareholder approval when contributions exceed the statutory threshold. The Board may contribute to bona fide charitable and other funds, but where aggregate contributions in a financial year exceed the statutory threshold measured against average net profits for the three preceding financial years, prior permission of the company in general meeting is required.
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Provisions expressly mentioned in the judgment/order text.
Board authority to make charitable contributions requires shareholder approval when contributions exceed the statutory threshold.
The Board may contribute to bona fide charitable and other funds, but where aggregate contributions in a financial year exceed the statutory threshold measured against average net profits for the three preceding financial years, prior permission of the company in general meeting is required.
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