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A Minutes of Meeting is a concise and comprehensive written record of the conversations, discussions, and decisions made in a company meeting. The document provides information about important subjects discussed in a meeting, resolutions passed at the meeting, and actions to be taken.
The issues discussed at company meetings may include: the appointment and removal of directors, auditors, accountants, or company secretaries; distribution of dividends; change in the company's share capital and structure; discussion of impending projects of the company, etc. The main purpose of company meetings is for the members and directors to make decisions on issues affecting the affairs of the members and the progress of the company.
Major types of Company Meetings are:
1. Meeting of Directors of the Company (Board Meetings). This type of meeting is convened and organized by the directors of a company to discuss and deliberate on issues concerning the management and organization of the company. In this meeting, the members of the company are not required to be in attendance, except such a member is also a director of the company.
This meeting can be convened at any time and place, provided that the other participants of the meeting are adequately notified. Failure to provide adequate notice can attract legal sanctions.
2. Meetings of Members of the Company (General Meeting). It is a meeting of the members of the company to discuss and deliberate on matters affecting the members and the management of the company.
Before a general meeting is convened, a Notice of at least 21 days must be given to all the participants of the meeting, except the members agree to a shorter notice. The members of a company can agree to a shorter notice by signing a Waiver letter, indicating their intentions to waive their rights to the 21 days notice.
The persons entitled to receive notice of a general meeting are: all the members of the company, all the members of the company, all the directors, company secretary, auditors and legal representatives and trustees in bankruptcy of a member of the company.
How to use this document
In this document, the person preparing this document will enter the required information, such as the name of the company, the type of meeting convened, the date and time of the meeting, the agenda of the meeting, the decisions or resolutions passed (if any) and actions or steps to be taken after the meeting.
After completing the document, it should be printed and signed by the chairman and the company secretary. After this, the general practice is that the company secretary is required to circulate the minutes at the next meeting to all the participants of the meeting for consideration.
The Companies and Allied Matters Act, 2020 is the applicable law.
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A guide to help you: Company Meetings: Forms and Essentials of a Valid Meeting
Other names for the document: Minutes of Meeting, Minutes of Company Meeting, Minutes of Board Meeting, Minutes of Meeting of the Members of a Company, Company Minutes