Purchase of property by a company.

This query is : Resolved

RItu (Querist)
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24 May 2008 please guide me as to the authority required to pass a resolution to purchase property for the comany.is a general meeting approval essential?? and under which section

mayur

mayur (Expert)
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24 May 2008 hi,
board of directors can pass resolution at general meeting and can acuire property. approval in general meeting not required

R.V.RAO

R.V.RAO (Expert)
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24 May 2008 SEC 292 OF COS. ACT GIVES POWER TO BOARD OF DIRECTORS TO INVEST FUNDS OF THE CO.
MOREOVER THE ARTICLES CONTAIN A PROVISION ABOUT POWERS OF DIRECTORS TO PURCHASE PROPERTIES FOR A CO.
SO I DO NOT SEE ANY NEED FOR SHAREHOLDER RESOLUTION.
R.V.RAO

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