Ordinary resolution format for members' prior permission under Section 181 for charitable contributions above 5% of average net profits, within a ceiling.
To consider and, if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to the proviso to Section 181 and other applicable provisions, if any, of the Companies Act, 2013, prior permission of the members of the Company be and is hereby accorded to the Board of Directors of the Company to contribute to bona fide charitable and other funds, during the financial year [●], amounts the aggregate of which may exceed five per cent of the average net profits of the Company for the three immediately preceding financial years, provided that the aggregate of all such contributions made during that financial year shall not exceed ₹[●] (Rupees [●] only).
RESOLVED FURTHER THAT the Board of Directors of the Company (including any committee thereof) be and is hereby authorised to identify the recipients and decide the amount, timing and conditions of each contribution within the said ceiling, and to do all such acts, deeds and things as may be necessary for giving effect to this resolution.”
No rules under this Section yet.