Last updated: April 13th, 2018 12:10 AM

Conducting First Board Meeting of Company

The first board meeting of company (private limited or public limited) is to be held within 30 days of incorporation of the company. In the first board meeting of the company, various transactions take place and the items are mentioned in the minutes of the first board meeting.

Convening the First Board Meeting

The first board meeting of a company must be held within 30 days of incorporation. The notice issued to the Directors to convene the first board meeting must mention that its the first Board Meeting of the company. A fine of Rs.25000 is applicable for every officer of the company whose duty is to give notice of the board meeting and who fails to do so. Hence, its important to conduct the first board meeting of the company on time.

Transactions in First Board Meeting

The following transactions must take place in the first board meeting and the agenda accompanying the notice must contain reference to all of the following transactions:

1. Election of Chairman of the particular meeting.
2. Appointment of Chairman of Board of Directors.
3. Noting of certificate of incorporation of the company before the Board.
4. Noting of the Memorandum of Association and Articles of Association of the Company as registered.
5. Noting of first Directors of the company by noting a copy of the fining of consent sent by company's directors.
6. Adoption of common seal of company (Common seal is not voluntary)
7. Appointment of first Auditors of the company.
8. Appointment of Company Secretary, if applicable.
9. Production of copy of the notice of the situation of registered office of the company before the Board.
10. Opening of bank account.
11. Allotment of shares agreed to be taken by the subscribers to the Memorandum of Association.
12. Approving the statement of preliminary expenses.
13. Adoption of preliminary contracts.
14. Directions to the Secretary to purchase books and registers.
15. Authorisation for the Board for taking loans, if necessary.
16. Authorisation for the Board for making investments, if necessary.
17. Decide date, time and place of next Board Meeting of the company.
18. Noting of disclosure of interest of Directors.
19. Authorisation for printing of share certificates and issuance of share certificates.
20. Any other matter that is pertinent to the company.