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Thread: Q. Give the majority and period of notice required in order to vaildity pass.

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    Word Icon 35px Jpg.ashx Q. Give the majority and period of notice required in order to vaildity pass.

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    Q. Give the majority and period of notice required in order to vaildity pass.
    (a) Special resolution
    (b) Ordinary resolution
    (c) Resolution requiring special notice. (2007/S) (1995) (1998)
    Q. State the purpose, the majority and period of notice in three kinds of resolution. (2001)
    1. Introduction:

    Resolution is a collective decision of the members in a meeting of the company. an item of agenda is put before the members of a company in the form of proposal. the members discuss the item of agenda. when the motion alongwith amendment if any is approved by the majority of the member, it becomes a resolution. so it is the formal expression of opinion or desire of any meeting or assembly obtained by the majority votes of the members of the company.
    2. Definition:
    Pit Field,
    "A formal declaration at the will or wishes of the company".
    3. Parts of resolution:
    There are two parts of a resolution:
    (i) First part explains the causes of resolution.
    (ii) Second part which explain the decided matter of the meeting.
    4. Kinds of resolution:
    I. Ordinary resolution:

    A resolution which is passed by the simple majority of the member in any kind of general meeting of the company. the ordinary routine business of the company is decided just by an ordinary resolution.
    (i) Notice:
    A 14 day notice must be sent to each members.
    (ii) Purpose:
    (i) To declare the dividend.
    (ii) To appoint the auditors.
    (iii) To appoint the directors.
    (iv) To determine the remuneration of the auditors.
    (v) To appoint or remove the managing agent.
    (vi) Permission to issue shares at discount.
    II. Special resolution:
    A special resolution is that resolution which is passed by at least three fourth majority of the member voting on it in a general meeting of the shareholders.
    (i) Notice:
    A notice of 21 days is required for the meeting in which such a resolution is passed.
    (ii) Purposes:
    (i) To change the name of the company.
    (ii) To transfer the registered office from one province to another province.
    (iii) To change the articles of the company.
    (iv) To change the memorandum of the company.
    (v) To create reserve liability.
    (vi) To fix the remuneration of the directors.
    (vii) To organize the share capital of the company.
    (viii) To investigate the affairs of the company.
    (ix) To convent private company into public company.
    (x) To sanction additional remuneration of the managing agent.
    (xi) To remove managing agent.
    (xii) For voluntary winding up of the company.
    (iii) Condition:
    Certified copies of every special resolution passed must be filed with the registrar with in 15 days.
    III. Extra ordinary resolution:
    This is also another kind of resolution which requires special majorities. it is also passes by three fourth majority of the shareholders entitled to vote as are present in person or by poxy where proxies are allowed.
    (i) Notice:
    A 14 days notice must be sent to each members.
    (ii) Condition:
    Copy of the resolution is also sent alongwith the notice.
    (iii) Purposes:
    (i) To remove director.
    (ii) Appointment of new director.
    (iii) Winding up of the company.
    (iv) Settlement between the company and its creditors.
    5. Conclusion:
    To conclude I can say that, the formal expression of opinion or desire of any meeting or assembly obtained by the majority votes of the member is called resolutions under companies ordinance. it has various kinds. all kinds are important for running the business of a company.

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