{"id":81681,"date":"2023-11-28T16:43:53","date_gmt":"2023-11-28T11:13:53","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?post_type=act&#038;p=81681"},"modified":"2023-11-28T16:43:57","modified_gmt":"2023-11-28T11:13:57","slug":"section-378r","status":"publish","type":"act","link":"https:\/\/enterslice.com\/learning\/act\/companies-act-2013\/section-378r\/","title":{"rendered":"Section 378R. Powers And Functions Of Board"},"content":{"rendered":"\n<p><strong><span id='easy-footnote-1-81681' class='easy-footnote-margin-adjust'><\/span><span class='easy-footnote'><a href='https:\/\/enterslice.com\/learning\/act\/companies-act-2013\/section-378r\/#easy-footnote-bottom-1-81681' title='Ins. by Act 29 of 2020, s. 52 (w.e.f. 11-2-2021).'><sup>1<\/sup><\/a><\/span>[378R. Powers and functions of Board.&#8211;<\/strong>(1) Subject to the provisions of this Act and articles, the Board of Directors of a Producer Company shall exercise all such powers and to do all such acts and things, as that Company is authorised so to do.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(2) In particular and without prejudice to the generality of the foregoing powers, such powers may include all or any of the following matters, namely:&#8211;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(a) determination of the dividend payable;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(b) determination of the quantum of withheld price and recommend patronage to be approved at general meeting;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(c) admission of new Members;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(d) pursue and formulate the organisational policy, objectives, establish specific long-term and annual objectives, and approve corporate strategies and financial plans;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(e) appointment of a Chief Executive and such other officers of the Producer Company, as may be specified in the articles;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(f) exercise superintendence, direction and control over Chief Executive and other officers appointed by it;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(g) cause proper books of account to be maintained; prepare annual accounts to be placed before the annual general meeting with the report of the auditor and the replies on qualifications, if any, made by the auditors;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(h) acquisition or disposal of property of the Producer Company in its ordinary course of business;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(i) investment of the funds of the Producer Company in the ordinary course of its business;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(j) sanction any loan or advance, in connection with the business activities of the Producer Company to any Member, not being a director or his relative;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(k) take such other measures or do such other acts as may be required in the discharge of its functions or exercise of its powers.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(3) All the powers specified in sub-sections&nbsp;<em>(1)<\/em>&nbsp;and&nbsp;<em>(2)<\/em>&nbsp;shall be exercised by the Board, by means of resolution passed at its meeting on behalf of the Producer Company.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><em>Explanation<\/em>.&#8211;For the removal of doubts, it is hereby declared that a director or a group of directors, who do not constitute the Board, shall not exercise any of the powers exercisable by it.]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[378R. Powers and functions of Board.&#8211;(1) Subject to the provisions of this Act and articles, the Board of Directors of a Producer Company shall exercise all such powers and to do all such acts and things, as that Company is authorised so to do. (2) In particular and without prejudice to the generality of the [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":79763,"parent":79755,"menu_order":0,"template":"","format":"standard","meta":[],"categories":[11445],"tags":[1007],"acf":{"service_id":"215"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Section 378R. Powers And Functions Of Board - Enterslice<\/title>\n<meta name=\"description\" content=\"Explore Section 378R: Unveiling the Powers and Functions of the Board. Gain insights into regulatory authority and decision-making dynamics. 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