Producer Company governance: Board may exercise specified powers only by AGM resolutions, including budget, patronage, shares, and loans. The Board of a Producer Company may exercise specified powers only by resolutions at the annual general meeting: approval of budget and annual accounts; approval and distribution of patronage bonus; issue of bonus shares; declaration of limited return and patronage distribution; specification of conditions and limits for loans to directors; and approval of transactions reserved in the articles for member approval.
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Provisions expressly mentioned in the judgment/order text.
Producer Company governance: Board may exercise specified powers only by AGM resolutions, including budget, patronage, shares, and loans.
The Board of a Producer Company may exercise specified powers only by resolutions at the annual general meeting: approval of budget and annual accounts; approval and distribution of patronage bonus; issue of bonus shares; declaration of limited return and patronage distribution; specification of conditions and limits for loans to directors; and approval of transactions reserved in the articles for member approval.
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