Producer Company board holds exclusive authority to exercise company powers and must pass resolutions at meetings to act. The Board of Directors of a Producer Company, subject to the Act and articles, exclusively exercises all powers of the company, including dividend determination, withheld price and patronage recommendations, admission of members, policy and strategy formulation, Chief Executive appointment and supervision, maintenance of books and preparation of annual accounts, acquisition and disposal of property, investment of funds, and sanctioning loans to members (not directors or relatives). All powers must be exercised by the Board via resolutions passed at its meetings; directors or groups not constituting the Board cannot exercise these 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.
Producer Company board holds exclusive authority to exercise company powers and must pass resolutions at meetings to act.
The Board of Directors of a Producer Company, subject to the Act and articles, exclusively exercises all powers of the company, including dividend determination, withheld price and patronage recommendations, admission of members, policy and strategy formulation, Chief Executive appointment and supervision, maintenance of books and preparation of annual accounts, acquisition and disposal of property, investment of funds, and sanctioning loans to members (not directors or relatives). All powers must be exercised by the Board via resolutions passed at its meetings; directors or groups not constituting the Board cannot exercise these powers.
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