SECTION 193. CONTRACT BY ONE PERSON COMPANY
[Effective from 1st April, 2014]
(1) Where One Person Company limited by shares or by guarantee enters into a contract with the sole member of the company who is also the director of the company, the company shall, unless the contract is in writing, ensure that the terms of the contract or offer are contained in a memorandum or are recorded in the minutes of the first meeting of the Board of Directors of the company held next after entering into contract:
Provided that nothing in this sub-section shall apply to contracts entered into by the company in the ordinary course of its business.
(2) The company shall inform the Registrar about every contract entered into by the company and recorded in the minutes of the meeting of its Board of Directors under sub-section (1) within a period of fifteen days of the date of approval by the Board of Directors.
Hi corporatelawreporter.com admin, Your posts are always a great source of information.
I am truly happy to glance at this blog posts which consists of plenty of useful information, thanks for providing such statistics.
I’m not that much of a internet reader to be honest but your
blogs really nice, keep it up! I’ll go ahead and bookmark
your website to come back down the road. Many thanks