Last updated: December 17th, 2019 3:48 PM

Conducting First Board Meeting of Company

After incorporation of a company, the first board meeting of the company must be held within 30 days of incorporation. In this article, we look at the procedure for conducting the first board meeting of the company along with the list of items that must take place in the board meeting.

Notice for First Board Meeting

Prior to conducting the first board meeting, notice of board meeting must be provided to the Directors of the company. The notice issued to directors must mention that it is the first board meeting of the company. Also, if the articles of association of the company provide for holding of the board meeting on a specified date or time, then such requirements must also be fulfilled.

Transactions in First Board Meeting

The following business must be transacted in the first board meeting of the company:

• Election of Chairman for the Board Meeting
• Appointment of Chairman of the Board of Directors
• Noting of MOA of the Company as registered
• Noting of AOA of Company as registered
• Noting of first Directors of the Company
• Noting of Certificate of Incorporation of the Company
• Noting of disclosure of interest of Directors
• Appointment of Company Secretary, if applicable
• Appointment of first Auditor of the Company who will hold office until the conclusion of the first annual general meeting
• Adoption of common seal of the company, not mandatory
• Adopt registered office of the company and file necessary forms with the MCA, if not completed
• Approve opening of bank account in the name of the company
• Allotment of shares agreed to be taken as per the MOA subscriber sheet
• Approve printing of share certificates and issuance of share certificates
• Approve the statement of preliminary expenses incurred by the promoters
• Provide directions to purchase corporate stationary
• Authorise the Board to take loans or make investments
• Decide on the date, time and place of next Board Meeting

Know more about post-incorporation compliance required for private limited company.