The term “minute” literally means a note to preserve the memory of an event or transaction. Minute is a record of a meeting. The minute of a meeting is the official record of the matters considered and decision taken at a meeting. Every company is bound to record the proceedings in a minute book.
A minute means the point written summary of the points discussed at a meeting, a book of record of the decision. Such a book is of two kinds which is important for official purpose.
- Minutes of the general meeting.
- Minutes of the board of directors meeting.
1 Cousins v. international Brick co.
When discussion held on the agenda come to end, they are passed in accordance with the law, by a simple majority, or a special majority. They are recorded in a book that is called a minute.
The following matters must be included in the minutes of a general meeting:
- How the notice of the general meeting was published?
- How many shareholders were presented?
- What percentage shareholders were presented out of total numbers?
- What were the decisions made?
- If the poll has been made, what was result?
Such minutes of the company shall have to either sent to the shareholders within 30 days or publish in national newspaper.
Resolution is the proposal for deciding at the meeting of a company. There are two types of resolution i.e. Ordinary resolution and special resolution.
An ordinary resolution is a resolution other than special resolution. A resolution shall be an ordinary resolution when the votes in a general meeting cast in its favour are more than votes against it. In other words, if the resolutions require only majority vote to pass it is called an ordinary resolution. If any member has a different idea or a disagreement on the subject matter, he can write a note of dissent that also should be mention in the minute book.