Minutes are the written record of the meeting. It is an official record and is the summery of business transacted and decisions arrived at the meeting.
Section 193 makes it compulsory for every company to maintain the minute book recording all the proceeding of very type of meeting conducted.
- The minute has to be written in a minute book.
- The minute book has to be bound and its page consecutively numbered.
- The minute book has to be written within 30 days of the conclusion of the meeting.
- Every page of the minute book must be initiated or signed by the chairman. On the last page the chairman shall sign and put the date.
- The chairman has to sign the minute book within 30 days of the conclusion of the meeting.
- If the chairman dies or is unable to sign the minute book than one of the directors duly authorized by the board must sign the minute book.
- The minute book shall be kept at the registered office of the company and shall remain open during business hours for members to inspect it without charge.
- The members are also entitled to a copy of the minutes, however on payment of prescribed fees.
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