A minute is prepared so that the motion and resolutions taken at a meeting can be used as a reference in the future. The importance of minutes is the following:
Importance of minutes
1. It preserves a clear, concise, and accurate record of the business transacted at the meeting.
2. It serves as a permanent record of the actions of the members and decisions taken at the meeting.
3. It serves as a legal document when it is confirmed by the next meeting and signed by the chairman.
4. It helps as the guidelines of the organizational activities of any concur.
5. It serves as a reminder of the subject matter dealt with in the previous meetings.
6. It is the official records of the proceeding and decision of the meeting.
Classification of Minutes
Minutes may be of two types viz.., Minutes of Decision and Minutes of Narration.
Minutes of Decision: It means the recording of the resolutions taken at the meeting. In this method, only the final decisions adopted at the meeting are recorded in brief.
Minutes of Narration: It means the recording of proceedings of the meeting in detail for some of the discussions and happenings. In this method, the minutes are written in a narrative style about the discussions and the resolutions adopted in the discussions.
Principles of Writing Minutes
The following principles are followed for writing Minutes
- It should be clear,-concise and accurate and free from ambiguity
- It should be written by dividing the matters into a suitable paragraph.
- Each paragraph should be written with a brief heading for quick reference.
- It should include the correct and fair summary of the proceedings of the meeting.
- It should state the name of the meeting with date, time, and place.
- It should mention the name of the chairman and other important persons attended the meeting.
- It should state separately the financial and other special terms discussed in the meeting.
- It should state the names of the props, secondary method of voting, voting results, and the resolutions of the meeting.
- It must be recorded in the Minutes Book.
- Explanatory notes should be given for special issues in the footnote of the minutes.
- The minutes must be signed by the chairman with the date and confirmed at the next meeting of the members.
Related Content of Company Meeting:
- Difference between Minutes and Resolution
- Resolutions Definition and Requisition of Resolutions
- Types of Resolution in Accordance with Company Act
- Advantages and Disadvantages of Meetings
- Ordinary Resolution and Special Resolution
- Resolution by Circulation and Resolution Requiring Special Notice
- Minutes of Meeting Sample / Template / Format and Example
- Notice of Meeting Sample / Template / Example / Format
- Difference between Minute and Proceeding