Section 17 of The Bengal Bonded Warehouse Association Act, 1838
1* * * At General Meetings of the Proprietors, every election and question shall be decided by a majority of votes; and Qualifications for voting.---2* * * no proprietor shall be allowed to vote unless he be possessed of two or more shares of the Capital Stock of the said Association, which shares shall have been registered in his name not less than three calendar months before.
Summary
- At general meetings, every decision or election is made by a majority of the votes cast.
- To be eligible to vote, a person must own at least two shares of the Association's stock.
- A person with only one share is not allowed to vote.
- The shares must have been registered in the person's name for at least three calendar months before the meeting.
Practical examples
FAQ
1. Can I vote if I just bought my shares last week?
No, you must have the shares registered in your name for at least three calendar months.
2. How are questions decided at the meetings?
Every election and question is decided by a majority of the votes.
Test yourself
Q1.Under Section 17 of The Bengal Bonded Warehouse Association Act, 1838, what is the minimum number of shares a person must own to vote?
Q2.According to Section 17 of The Bengal Bonded Warehouse Association Act, 1838, how long must a person be a registered shareholder before they can vote?
Q3.How are decisions made during general meetings under Section 17 of The Bengal Bonded Warehouse Association Act, 1838?
Q4.If a person owns three shares but they were registered only two months ago, can they vote at a general meeting today?