Statutory report - meetings and resolutions, Business Law and Ethics

Statutory report - meetings and resolutions:

Contents of the statutory report.  Section 130(3) provides that the statutory report shall be certified by not less than two directors of the company and shall state -

(a) the total number of shares allotted, differentiate shares allotted as partially or fully paid up otherwise than in cash, the consideration for which the shares have been allotted and, in the case of shares partly paid up, the extent to such that they are so paid up;

(b) the total amount of cash received by the company in respect of all the shares allotted, illustration as aforesaid;

(c) an abstract of the receipts of the company and of the payments made therein, up to a date within seven days of the report, exhibiting under attributing headings the receipts of the company from shares and debentures and other sources, the payments made and particulars concerning the balance remaining in hand, and an account or estimate of the preliminary expenses of the company;

(d) the names, postal addresses and descriptions of the directors, auditors, if any, managers if any, and the secretary of the company; and

(e) any contract in particular the modification of that is to be submitted to the meeting for its approval, together with particulars of the modification or proposed modification.

By s.130(4) the statutory report shall, thus far as it relates to the shares allotted through the company, the cash received in respect of that shares and the receipts any payments of the company on capital account, just be certified as correct through the auditors, whether any, of the company.

By s.130(2) a copy of the statutory report is to be forwarded by the directors to every member of the company at least fourteen days before the day on which the statutory meeting is to be held.  However, there is a proviso that if the report is forwarded later than prescribed, it shall be deemed to have been duly forwarded if it is so agreed by all the members entitled to attend and vote at the meeting.

The directors shall cause a certified copy of the statutory report to be delivered to the registrar for such registration forthwith after the sending thereof to the members of the company(s.130(5).

Posted Date: 1/12/2013 5:22:59 AM | Location : United States







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