23 December 2009
A first time board resolution is required in which the director makes the declaration and does not participate in the business. The question of ordinary or special resolution does not arise in the case of board resolution.
The rent transactions has to be recorded in the register u.s 301.
24 December 2009
Thanks for the reply, but if all the other directors are also the family members only, then whether they are eligible to pass the required resolution.