Purpose of Board Meeting
Call FilingPoint Consultants for First Board Meeting Minutes +91 72999-72500 What is the first meeting of a company after incorporation? Companies (Private Limited and OPC) must hold their First Board Meeting within 30 days from the date of Company Registration. It is one of the mandatory compliance every company must adhere to as per the Companies Act, 2013. Various important transactions happen during the first board meeting of a company. These affairs get itemized in the minutes of the first board meeting.
How do I prepare for my first board meeting?
What is the agenda of the first board meeting? Companies must follow Secretarial Standards for holding board meetings. The company’s notice of the this meeting must mention that it’s the first board meeting of the company post incorporation. Every officer in the company gets penalized with a fine of Rs.25,000 if he fails to give meeting notice. Hence, it’s important to conduct your board meeting on time with the right legalities.
What is the agenda of the First Board Meeting?
The following important transactions happen at the company’s first board meeting. The agenda gets sent along with meeting notices to the invitees. The meeting agenda contains the following transactions
Agenda for the Board meeting
| S.NO. | Agenda |
| 1 | To elect the chairman of the meeting |
| 2 | To grant a leave of absence, if any |
| 3 | To authorize a person to record the proceeding of the Board Meeting |
| 4 | To authorize a director of the company to certify and circulate certified copies of board meetings |
| 5 | To note the certificate of incorporation of the company, issued by the ROC |
| 6 | To take note of the MOA and AOA of the company, as registered |
| 7 | To take note of the Registered office of the company |
| 8 | To confirm/note the appointment of the first directors of the company |
| 9 | To read and record the notices of disclosures of interest given by the directors (MBP-1) |
| 10 | To fix the financial year of the company |
| 11 | To consider the appointment of the first auditors. |
| 12 | To adapt the common seal of the company |
| 13 | To open a bank account in the company |
| 14 | To authorize the issue of share certificates to the subscribers of the memorandum. NOTE: (This may or may not be the agenda for a first board meeting. Because share certificates have to issue within 2 months from the date of incorporation. Therefore, according to circumstances, this agenda can be taken note of in the next board meeting) |
| 15 | To approve preliminary expenses and preliminary contracts |
| 16 | To authorize a director to maintain books and registers of the company at the registered office |
| 17 | To take note of the letterhead of the company as per section 12 |
| 18 | To discuss any other matter with the permission of the chair and with the majority of the director present |
Notice Period
The First Board Meeting notice is an invite, sent to all company’s directors. inviting them to attend the meeting. The meeting notice and agenda must be delivered to all directors at least 7 days before the Meeting date. A few items on the meeting agenda may vary based on the company requirements.
Requisites for Conducting a Valid Board Meeting
Companies need to follow Certain secretarial rules and norms when conducting the first board meeting and subsequent board meetings of the company. The following are the normal requisites for conducting a valid board meeting of a company.
- Authority to call the board meeting
- Place, time, and serial number of meeting
- Items of business to be discussed only at a board meeting
- Items of business not be discussed over electronic mode
- Directors’ participation in meetings and mode of participation
- First board meeting and subsequent meetings
- Notice and agenda
- Mode of sending notice and agenda
- Minimum notice period and shorter notice
- Contents of notice
- Notes on agenda items
- A quorum of the board meeting
- Number of directors, if under quorum
- Recording attendance
- Attendance register
- Chairperson
- Casting votes
- Minutes
- Authority for recording minutes
Finally,
We understand being a fresh startup conducting your First Board Meeting takes you on a roller coaster ride. No worries. We offer end-to-end secretarial services to companies. We can support you right from drafting notices, agenda, and quorum right up to drafting minutes of the meeting. For complete assistance in conducting boarding meetings and other secretarial tasks, it is wise to engage a professional who is an expert in the field. Our professionals have extensive knowledge and expertise in helping you conduct board meetings and other secretarial compliance.
Call us at +91 72999 72500 for the Draft First Meeting Minutes