742
ORDINANCE No. 1 of 1865.
Companies, &c. (Second Schedule.)
thereof to be held on the
day
[or, at any meeting of the company that may be held in the year
next, ].
As witness my hand, this
day of
Signed by the said
in the presence of
Directors.
(25.) The number of the directors, and the names of the first directors, shall be
determined by the subscribers of the Memorandum of Association.
(26.) Until directors are appointed, the subscribers of the Memorandum of Association shall, for all the purposes of this Ordinance, be deemed to be directors.
Powers of Directors.
(27.) The business of the company shall be managed by the directors, who may exercise all such powers of the company as are not hereby required to be exercised by the company in general meeting; but no regulation made by the company in general meeting shall invalidate any prior act of the directors which would have been valid if such regulation had not been made.
Election of Directors.
(28.) The directors shall be elected annually by the company in general meeting.
Business of Company.
[Here insert rules as to mode in which business of insurance is to be conducted.]
Accounts.
(29.) The accounts of the company shall be audited by a committee of five members,
to be called the Audit Committee.
(30.) The first Audit Committee shall be nominated by the directors out of the body
of members.
(31.) Subsequent Audit Committees shall be nominated by the members at the ordinary general meeting in each year.
(32.) The Audit Committee shall be supplied with a copy of the balance sheet, and it shall be their duty to examine the same with the accounts and vouchers relating thereto.
(33.) The Audit Committee shall have a list delivered to them of all books kept by the company, and they shall at all reasonable times have access to the books and accounts of the company; they may, at the expense of the company, employ accountants or other persons to assist them in investigating such accounts, and they may in relation to such accounts examine the directors or any other officer of the company.
742
ORDINANCE No. 1 of 1865.
Companies, &c. (Second Schedule.)
thereof to be held on the
day
[or, at any meeting of the company that may be held in the year
As witness my hand, this
day of
Signed by the said
in the presence of
Directors.
next, ].
(25.) The number of the directors, and the names of the first directors, shall be
determined by the subscribers of the Memorandum of Association.
(26.) Until directors are appointed, the subscribers of the Memorandum of Association shall, for all the purposes of this Ordinance, be deemed to be directors.
Powers of Directors.
(27.) The business of the company shall be managed by the directors, who may exercise all such powers of the company as are not hereby required to be exercised by the company in general meeting; but no regulation made by the- company in general meeting shall invalidate any prior act of the directors which would have been valid if such regulation had not been made.
Election of Directors.
(28.) The directors shall be elected annually by the company in general meeting.
Business of Company.
[Here insert rules as to mode in which business of insurance is to be conducted.]
Accounts.
(29.) The accounts of the company shall be audited by a committee of five members,
to be called the Audit Committee.
(30.) The first Audit Committee shall be nominated by the directors out of the body
of members.
(31.) Subsequent Audit Committees shall be nominated by the members at the ordi-
nary general meeting in each year.
(32.) The Audit Committee shall be supplied with a copy of the balance sheet, and it shall be their duty to examine the same with the accounts and vouchers relating thereto.
(33.) The Audit Committee shall have a list delivered to them of all books kept by the company, and they shall at all reasonable times have access to the books and accounts of the company they may, at the expense of the company, employ accountants or other persons to assist them in investigating such ac- counts, and they may in relation to such accounts examine the directors or any other officer of the company.
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