Section 378S — Matters to be transacted at general meeting

The Board of Directors of a Producer Company
shall exercise the following powers on behalf of that Company, and it shall do so only by means of
resolutions passed at the annual general meeting of its Members, namely:—
(a) approval of budget and adoption of annual accounts of the Producer Company;
(b) approval of patronage bonus;
(c) issue of bonus shares;
(d) declaration of limited return and decision on the distribution of patronage;
(e) specify the conditions and limits of loans that may be given by the Board to any director; and
(f) approval of any transaction of the nature as is to be reserved in the articles for approval by the

Related sections

Section 366 — Companies capable of being registered
Section 367 — Certificate of registration of existing companies
Section 368 — Vesting of property on registration
Section 369 — Saving of existing liabilities
Section 370 — Continuation of pending legal proceedings
Section 371 — Effect of registration under this Part
Section 372 — Power of Court t o stay or restrain proceedings
Section 373 — Suits stayed on winding up order
Section 374 — Obligations of companies r egistering under this Part
Section 375 — Winding up of unregistered companies
Section 376 — Power to wind up foreign companies, although dissolved
Section 377 — Provisions of Chapter cumulative
Section 378 — Saving and construction of enactments conferring power to wind up partnership firm,
Section 378A — Definitions
Section 378B — Objects of Producer Company
Section 378C — Formation of Producer Company and its registration
Section 378D — Membership and voting rights of Members of Producer Company
Section 378E — Benefits to Members
Section 378F — Memorandum of Producer Company
Section 378G — Articles of association
Section 378H — Amendment of memorandum
Section 378J — Option to inter -State co -operative societies to become Producer Companies
Section 378K — Effect of incorporation of Producer Company
Section 378L — Vesting of undertaking in Producer Com pany
Section 378M — Concession etc., to be deemed to have been granted to Producer Company
Section 378N — Provisions in respect of officers and other employees of inter-State co-operative society
Section 378P — Appointment of directors
Section 378Q — Vacation of office by directors
Section 378R — Powers and functions of Board
Section 378T — Liability of directors
Section 378U — Committee of directors
Section 378W — Chief Executive and his functions
Section 378X — Secretary of Producer Company
Section 378Y — Quorum
Section 378Z — Voting rights