An elective resolution was a unanimous decision by all members of a private limited company to dispense with certain provisions of the Companies Act 1985, such as holding an annual general meeting. This requirement was abolished by the Companies Act 2006.
A private limited company is a type of business entity which has limited liability and restricted ownership, preventing it from offering shares to the public.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.