Can a Chairman of the Board be removed from the chair by
the Managing Director And other Directors of the Company
during the Course of the Board Meeting.
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Answer / rk
The Chairman of the Board is appointed by the Membes of the
Board and is for presiding over the meeting. Usually the
AoA contains relevant provision for appointment of Chairman
of the Board and he is authorized to chair the General
meetings.
Since the Directors (collectively) are the authority to
appoint the Chairman, they naturally have a right to remove
him, subject to majority approval unless there is a
contrary stipulaiton in the AoA
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Occasionally it is said that issuing convertible bonds is better than issuing stock when the firms shares are undervalued. Suppose that the financial manager of Decent Furniture Company does in fact have inside information indicating that the decent stock price is too low. Decent furniture earnings will in fact be higher than investor’s expectations. Suppose further that the inside information cannot be released without giving away a valuable competitive secret. Clearly, selling shares at the present low price would harm Decent’s existing shareholders. Will they also lose if convertible bonds are issued? If they do lose in this case, is the loss more or less than it would be if common stock is issued? Now suppose that investors forecast earnings accurately, but still under value the stock because they overestimate Decent’s actual business risk. Does this change your answer to the questions posed in the preceding paragraph? Explain.
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Can a Chairman of the Board be removed from the chair by the Managing Director And other Directors of the Company during the Course of the Board Meeting.
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