Proceedings at meetings - held, Business Law and Ethics

Assignment Help:

Proceedings at meetings - Held:

Held: The resolution as passed was invalid since it was not the special resolution of which notice had been given.  Even the retention of 321 pounds out of 1.4m pounds is a change of substance.

(b)  If the chairman wrongly rejects an amendment and the resolution is carried in its original form it is invalid.  If he allows the amendment to be discussed it should be put to the vote before the original resolution.  If the amendment is carried the resolution as amended is then put to the vote.

(c) The rights of members to vote and the number of votes to which they are entitled in respect of their shares are fixed by the articles.  One vote per share is normal but some shares, eg. preference shares, may carry no voting rights in normal circumstances.  To shorten the proceedings at meetings the procedure is:

 i. on putting a resolution to the vote the chairman calls for a show of hands, ie. one vote may be given by each member present in person: proxies do not vote.  The chairman declares the result.  Unless a poll is then demanded, the chairman's declaration (duly recorded in the minutes) is conclusive.  No one can re-count hands after the meeting (but see para 35 below).

 ii. If a real test of voting strength is required a poll may be demanded.  The result of the previous show of hands is then disregarded.  On a poll every member and also proxies representing absent members may cast the full number of votes to which they are entitled.  A poll need not be held forthwith but may be postponed so that arrangements to hold it can be made.

Although the chairman's declaration of the result of a vote on a show of hands is made "conclusive" (by the articles {Table A Art 58} and by CA s.141(2) as regards special resolutions) unless a poll is demanded, this is not as absolute and final a decision as the word "conclusive" suggests.  It prevents subsequent argument about the count of hands raised on a show of hands.  But it is still possible to challenge the chairman's declaration on the ground that it was fraudulent or manifestly wrong.


Related Discussions:- Proceedings at meetings - held

Misfeasance - winding up, Misfeasance: Under s.324, misfeasance procee...

Misfeasance: Under s.324, misfeasance proceedings may be instituted against a director, promoter, manager, liquidator or "officer" (including an auditor) of a company in liqui

Disadvantage of a scheme of arrangement, Disadvantage of a scheme of arrang...

Disadvantage of a scheme of arrangement: The disadvantage of a scheme of arrangement is that it requires the preparation of elaborate documents and the observance of a strict

Illustrate the doctrine of judicial precedent, Illustrate the doctrine of j...

Illustrate the doctrine of judicial precedent? The doctrine of judicial precedent It states that higher court decision are binding on lower courts and like a result it i

Describe the main stages of money laundering, QUESTION 1 (a) Describe t...

QUESTION 1 (a) Describe the main stages of money laundering? (b) Is the current Mauritian Banking Act strong enough to protect depositors and maintain financial stability gi

Essence of arbitration as a substitute to litigations, Question 1: Arbi...

Question 1: Arbitration, a form of alternative dispute resolution, is a legal method for the resolution of disputes outside the courts, where the parties to a dispute refer it

Resource journal, For the resource journal, you'll need to assemble: An ...

For the resource journal, you'll need to assemble: An Award and an Agreement plus a minimum of three samples of legislation that have grievance and/or dispute resolution process

Presentment for acceptance - rules relating to acceptance, Presentment for ...

Presentment for Acceptance - Rules Relating To Acceptance Even though a bill must be presented to with acceptance and be accepted through the drawee in order to render him lia

How state succession deals with debts and loans, How state succession deals...

How state succession deals with debts and loans The issue relating to state succession deals with debts and loans. When a new state comes into existence, the question arises as

Describe the term banking, Question1 Describe the term banking and what ar...

Question1 Describe the term banking and what are the permitted businesses for a banking company as per BR Act 1949 Question2 When is a negotiable instrument considered as

Explain territorial principle of criminal jurisdiction, Explain Territorial...

Explain Territorial principle of criminal jurisdiction The territorial principle provides that the courts of the State where a crime is committed may exercise jurisdiction over

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd