| Commentary

110.3 Financial policy

| Commentary

110.3 Financial policy

When it comes to financial policy, unanimity should be required for any decision deviating from standard financial management of the business day-to-day. This would include the incurring of unusual amounts of debt on behalf of the company or the shareholders, or the changing of the pre-agreed policy relating to distribution of profits1. The list of restricted decisions could include:

  1. 110.3.1

        amending the previously agreed bank mandate form;

  2. 110.3.2

        opening a new bank account on behalf of the business;

  3. 110.3.3

        incurring debts in excess of the current operating budget;

  4. 110.3.4

        accepting any capital expenditure commitment in excess of

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