M. 4.

MINUTES OF THE BOARD MEETING CONDUCTED FOR CREDITORS’

WINDING UP BY MEMBERS
Present : Mr. X Chairman
Mr. Y Directors
Mr. Z
Mr. R, Company Secretary
Mr. X, Chairman of the Board, took the Chair—
1. Leave of absence to the absentee directors.
All directors were present.
2. Proposal for voluntary winding up of the company—
The Chairman informed the Board that in view of the mounting liabilities
and the sharp decline in income, it would be difficult to run the company
profitably and clear the debts. The Board received the statement of assets
and liabilities of the company placed before the Board, duly initialled by the
chairman. After discussion, the Board agreed in principle to put the
Company into creditors’ winding up. After discussion, the following
resolutions were passed :
(a) “RESOLVED that, subject to the approval of shareholders at an
Extraordinary General Meeting, the Company be wound up voluntarily.”
(b) “RESOLVED FURTHER that the draft statement of position and the list of
creditors as on (date) submitted to this meeting and initialled by
the Chairman for the purpose of identification, be approved and that
the Chairman be and is hereby authorised to sign the same.”
(c) “RESOLVED FURTHER that an Extraordinary General Meeting of the
company be convened on Friday the (date) at 11 a.m. at the
Registered Office of the Company to transact the business set out in
the draft notice submitted to this meeting and that the Secretary be
and is hereby authorised to sign and issue the same to all eligible
members.”
(d) “RESOLVED FURTHER that a meeting of the creditors of the company be
convened on Friday, the (date) at 11.30 a.m. at the Registered
Office of the Company to transact the business set out in the draft
notice submitted to this meeting and that the Secretary be and is
hereby authorised to sign and issue the same to all eligible creditors.”
(e) “RESOLVED FURTHER that Mr. , a Director of the company, be and he is
hereby authorised to preside at the said meeting of the creditors of the
company
There being no other matter, the meeting ended with a vote of thanks to
the Chair.

Signature