Companies Act, 1956
Sec 291- General powers of Board.
(1) Subject to the provisions of this Act, the
Board of directors of a company shall be entitled to exercise all such powers,
and to do all such acts and things, as the company is authorized to exercise
and do:
Provided that the Board shall not exercise any
power or do any act or thing which is directed or required, whether by this or
any other Act or by the memorandum or articles of the company or otherwise, to
be exercised or done by the company in general meeting:
Provided further that in exercising any such
power or doing any such act or thing, the Board shall be subject to the
provisions contained in that behalf in this or any other Act, or in the
memorandum or articles of the company, or in any regulations not inconsistent
therewith and duly made thereunder, including regulations made by the company
in general meeting.
(2) No regulation made by the company in
general meeting shall invalidate any prior act of the Board which would have
been valid if that regulation had not been made.