Classification of Meetings
Meetings held under the Companies Act, 1956 may be classified as follows:
1. Meetings of shareholders or members:
(a) Statutory meeting.
(b) Annual general meeting.
(c) Extraordinary general meeting.
(d) Class meetings.
2. Meeting of debenture holders.
3. Meetings of creditors and contributors in winding up.
4. Meeting of creditors otherwise than in winding up.
5. Meeting of directors:
(a) Board meeting
(b) Committee meeting.
Meetings of Directors
Two main organs, the shareholders in general meeting and the directors acting as a Board conduct the affairs of a company. Therefore, directors frequently meet up to discuss various matters relating to the management and administration of the affairs of the company in the interest of the public and the shareholders. The modern practice is to confer on the directors the right to exercise all company’s powers except for those matters, which are by law required to be exercised by the company in general meeting. This practice has also been given statutory acknowledgment in Section 291, providing the general powers of the Board of directors, which reads as follows:
(1) Subject to the provisions of this Act, the Board of directors of a company shall be entitled to exercise all such powers, and to do all such acts and things, as the company is authorised to exercise and do:
Provided that the Board shall not exercise any power or do any act or thing which is directed or required, whether by this or any other Act or by the memorandum or articles of the company or otherwise, to be exercised or done by the company in general meeting:
Provided further that in exercising any such power or doing any such act or thing, the Board shall be subject to the provisions contained in that behalf in this or any other Act,or in the memorandum or articles of the company, or in any regulations not inconsistent therewith and duly made there under, including regulations made by the company in general meeting.
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