What is the First Board Meeting of a Company?

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What is the First Board Meeting of a Company?

When your company gets incorporated, it is important to hold the first board meeting of the company. The first board meeting must be held within 30 days of the company’s incorporation according to Section 173 of the Companies Act. The company’s governance structure, agenda, and possible projects are all discussed in the first board meeting of the company. Due to the first board meeting, the company’s directors make themselves familiar with the objectives of the company and their role within the business.

About the First Board Meeting

It refers to the first board meeting conducted once a company is incorporated. It is necessary to conduct this meeting to be in compliance with the Companies Act 2013. This act also mandates a minimum of four board meetings to be held annually. All the companies are required to hold board meetings, except LLP. An LLP is governed by the LLP Act 2008 and is not required to conduct board meetings since its business is managed by the owners.

Agendas for First Boarding Meeting 

Once the company has been incorporated, the first board meeting is held with the following agendas.

• Election of the Chairman of that particular meeting.
• Appointment of Chairman of Board of Directors.
• Discussion regarding the date, time, and place for the next Board Meeting.
• Disclosure of the interests of Directors.
• Acknowledgment of Certificate of Incorporation (COI).
• Acknowledgment of Memorandum of Association (MoA) and Articles of Association (AoA) of the company.
• Acknowledgment of first Directors of the company through consent sent by the company’s directors.
• Adopting the common seal of the company.
• Appointment of the company’s first Auditors.
• Appointment of Company Secretary.
• Authorization for the printing of share certificates.
• Authorization for the issuance of share certificates.
• Producing a copy of the company’s registered office’s notice.
• Opening a bank account.
• Allotment of shares to the subscribers.
• Approving the statement of preliminary expenses.
• Adoption of preliminary contracts.
• Authorization for the Board to take loans, if needed.
• Authorization for the Board for investments, if needed.

Documents Drafted During First Board Meeting

Many crucial documents are placed and drafted during the first board meeting of the company. This ensures legal compliance and lays the foundation for the governance of the company. The following documents are placed and drafted during the first board meeting:

• Certificate of Incorporation (COI)
• Memorandum of Association (MoA) and Articles of Association (AoA)
• Registered Office Title Documents
• First Directors’ Information
• Approval for Preliminary Expenses and Agreements
• Approval for Appointment of Key Managerial Personnel
• Notices regarding Disclosure of Interest by Directors
• Documentation for Auditors’ Appointment
• Common Seal Adoption Resolution
• Banking Arrangement Authorization
• Share Certificates Printing Authorization
• Commencement of Business Declaration

What is the Due Date for the First Board Meeting of a Company?

The due date for the first board meeting based on the type of company is mentioned in the table below:

This means that if your company is incorporated on 1st June, you have until 30th June to hold the first company board meeting regardless of the type of company registration.

Conclusion

Companies registered under the Companies Act 2013 must hold their first board meeting within 30 days of incorporation. In this meeting, crucial decisions are addressed, such as the appointment of the chairman and company secretary and the adoption of the company's common seal. 

Registrationwala has been helping clients with company registration for more than a decade now. If you need assistance in starting a company or guidance on how to proceed once company registration is complete, get in touch with our team leaders at Registrationwala!

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