{"id":7390,"date":"2022-08-23T20:37:11","date_gmt":"2022-08-23T12:37:11","guid":{"rendered":"http:\/\/www.biztreemgmt.com\/wordpress\/?p=7390"},"modified":"2022-09-26T14:18:25","modified_gmt":"2022-09-26T06:18:25","slug":"how-director-making-decision","status":"publish","type":"post","link":"http:\/\/www.biztreemgmt.com\/wordpress\/how-director-making-decision\/","title":{"rendered":"How director making decision"},"content":{"rendered":"\n
Director is the one who engaged to run the company, how should director make decision in comply with company act especially if there is more than 1 director on board ?<\/p>\n\n\n\n
Type of decision :<\/strong> <\/p>\n\n\n\n
change bank signing mandate <\/li><\/ul>\n\n\n\n
change registered address <\/li><\/ul>\n\n\n\n
getting loan from Bank <\/li><\/ul>\n\n\n\n
change company objective <\/li><\/ul>\n\n\n\n
change supplier <\/li><\/ul>\n\n\n\n
How to make decision ? <\/strong><\/p>\n\n\n\n
“Resolution” is refer to minutes signed by director . After signed the resolution, means that the relevant transaction is approved .<\/p>\n\n\n\n
What if company have more than 1 director ? How many signature required ?<\/strong><\/p>\n\n\n\n
You will need to check company constitution to confirm the quorum number.<\/p>\n\n\n\n
” Quorum refer to minimum number of consent required to approve transaction ” <\/p>\n\n\n\n
I am the only director, must i prepare resolution ? <\/strong><\/p>\n\n\n\n
Yes, according to company act requirement . <\/p>\n\n\n\n
When director required to get consent from shareholder ? <\/strong><\/p>\n\n\n\n
Shareholder is the one who invest and engaged director to run the Company.<\/p>\n\n\n\n
According to Companies act, certain major changes is required shareholder’s consent : <\/p>\n\n\n\n
<\/p>\n\n\n\n
Change in company name <\/li><\/ul>\n\n\n\n
Change in company constitution<\/li><\/ul>\n\n\n\n
removal of director <\/li>
<\/li>
change in auditor <\/li><\/ul>\n\n\n\n
All transaction required shareholder consent will need to prepare and pass in Extraordinary General Meeting (EGM) resolution.<\/p>\n\n\n\n
Why resolution is important ? <\/strong><\/p>\n\n\n\n
Is the proof of consent from all director and some transaction required signed resolution to Lodged in with ACRA <\/p>\n\n\n\n