Section 378S: Matters to be transacted at general meeting
This section is for specifying the matters that the Board of Directors of a Producer Company must transact at the annual general meeting of its members.
The section, clause by clause
What the section says
In plain terms
The Board of Directors of a Producer Company shall exercise the following powers on behalf of that Company, and it shall do so only by means of resolutions passed at the annual general meeting of its Members, namely:—
(a)approval of budget and adoption of annual accounts of the Producer Company;
(b)approval of patronage bonus;
(c)issue of bonus shares;
(d)declaration of limited return and decision on the distribution of patronage;
(e)specify the conditions and limits of loans that may be given by the Board to any director; and
(f)approval of any transaction of the nature as is to be reserved in the articles for approval by the Members.
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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.