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Define: (a) Quorum (b) Board of Dire...

Define:
(a) Quorum
(b) Board of Directors (BOD)
( c ) Qualification Shares
(d) Prospectus
( e ) One Person Company

Text Solution

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(a) Quorum: Refers to minimum number of directors to pass a resolution in the meeting.
(b) Board of Directors: Who control Who control and manager the company and sign the memorandum of association.
( c ) Qualification Shares: Minimum number of shares necessary to become a director
(d) A prospectus is 'any document described or issued as a prospectus including any notice, circular, advertisement or other document inviting deposits from the public or inviting offers from the public for the subscription or purchase of any shares or debentures of, a body corporate
( e )Section 2(62) of Companies Act defines a one-person company as a company that has only one person as to its member. Furthermore, members of a company are nothing but subscribers to its memorandum of association, or its shareholders. So, an OPC is effectively a company that has only one shareholder as its member.
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