Corporate Governance

Maintaining the Minute Book

At Luthra Law, we take pride in having knowledgeable business and corporate attorneys with the necessary background to assist your business with all its corporate governance needs. The lawyers at our firms serve the Greater Toronto Area, including Mississauga, Oakville, Brampton, Milton, Burlington, Halton, Kitchener, Waterloo, Guelph, Vaughan, Newmarket, and North York, with services that are adaptable to your schedules, affordable, and of high quality.

What is corporate governance?

Corporate governance is a set of regulations and procedures used to direct and control an organization. This requires bringing together and weighing the interests of all the stakeholders in an organization. Customers, investors, shareholders, the community, the government, executives, suppliers, etc., are all included in this. Corporate governance covers every facet of the business, which is not surprising given that it is the foundation for the firm’s goals.

Minute book updates and maintenance

Having a minute book is very important for every organization. The minute book has its essence and has to be updated from time to time. The following are reasons you should update your minute book often;

Your organization’s stakeholders might need it at any time.
A lack of an updated minute book might cause due diligence challenges and delay the business if your firm is having financial problems or is about to be sold.
Additionally, it might harm the authority of the board of directors and the institution.
When an organization’s minute book is inaccurate or out-of-date, it may indicate that your organization has not been meeting all of its obligations, particularly those related to governing statutes, which can be highly harmful to the organization.
When an organization’s minute book is inaccurate or out-of-date, it may indicate that your organization has not been meeting all of its obligations, particularly those related to governing statutes, which can be highly harmful to the organization.
Minute book deficiencies

Minute book deficiencies

Deficiencies can occur when it comes to updating the minute book of an organization. The following are examples of ways your minute book can be deficient.

Without a resolution authorizing the move, a corporation’s registered address has changed
Annual resolutions that at least adhere to the corporation’s by-laws have not been included in the organization’s minute book.
The approved financial statements are still pending.

Minute Book Rectification

It is best to speak with a lawyer about minute inadequacies so they can assist you in examining your incomplete minutes. We take great satisfaction in having corporate lawyers at Luthra Law Firm who are knowledgeable and experienced in reviewing minute or corporate governance problems.

A minute book, also known as a record book in areas like Ontario and Canada, provides information that the governing board of any organization is expected to have.