Resolution of company

Resolution of company subject company law

1. PRESENTED BY HAFIZ ADEEL AKRAM PRESENTED TO MAAM FAIZA HASHMI NATIONAL COLLEGE OF BUSINESS ADMINISTRATION & ECONOMICS BAHAWALPUR

2. Topic Resolutions of Company

3. Resolution Resolutions mean decisions taken at a meeting . A motion, with or without amendments is put to vote at a meeting. Resolution is passed at a meeting, which is properly convened and satisfies the quorum requirements.

4. Types of Resolutions

5. 1 . Ordinary Resolution 2. Special Resolution 3. Resolution Requiring Special notice

6. 1. Ordinary Resolution : An ordinary meeting is passed at general meeting with majority votes. In Business law, an ordinary resolution is a resolution passed by the shareholders of a company by a simple majority (for example more than 50% of the vote)

7. Under following some cases there is need to pass an ordinary resolution Issue of shares at discount {84} Alteration of share capital {92} Declaration of final dividend {248} Appointment of First auditor {252} Election of directors {178} Appointment of Chief Executive {198} Removal of First auditor {252} Registration of an unlimited company as a limited {110}

8. 2. Special Resolution : A special resolution is defined that is passed by at least three quarters (75%) of the votes cast by shareholders i.e . a resolution that requires a large majority vote of members present, usually 2/3 or 3/4, at a general meeting of a company. The meeting was held at a notice of at least 21 days. It was specified in the notice that the resolution shall be passed as a special resolution.

9. Under following some cases there is need to pass special resolution Alteration of memorandum {21} Alteration of articles { 28} Change the name of the company {39} Voluntarily winding up of company {358} winding up of company by Court {305} Removal of chief executive {202} Change the registered office from one province to another {21} Reduce the share capital of company {96}

10. 3. Resolution Requiring Special notice A resolution requiring Special notice may be passed by the members of a company at a general meeting by a simple or 3/4th majority Notice has to be given within 14 days of proposed date of meeting Company should give notice to the members by advertising in newspapers.

11. Under following some cases there is need to pass Resolution Requiring Special notice resolution Appointment of the auditor other than retiring ones {253 (1&2)} Provision that a retiring auditor will not be reappointed {253 (1)}